Consumer Credit is on the Rise as Revolving Debt takes a Dive
04-Apr-2011 | News-Press Release
Consumer credit increased in January while revolving credit fell by 6.5%. The recent decrease in revolving credit is the biggest since the third quarter of 2010. Morgan Drexen asks, “Are consumers across the Unites States taking control of their debt?”
After a long battle with credit card debt F. Clent Lewis decided enough was enough. Lewis engaged with an attorney-based debt resolution program with Pocket Counsel based in Utah.
“We were just making payments and we were making payments and once in awhile we’d add some small thing to it, but they guaranteed me that they would not charge me not over 4%. That changed the interest rates went from 4 to 9 to 24%”admits Lewis
“We finally paid about seven years on one credit card. It was still as large as it was when we started. I just reached a point where I was never going to get it paid off unless I had someone that knew what to do,” continues Lewis.
Consumers are often intimidated by creditors and the legal jargon and feel that they have limited options. Lawrence Williamson of the Williamson Law Firm says, “Consumers don’t understand the complexities of the law and therefore they need a legal mind on their side.” Williamson works with consumers to reduce their debt efficiently with the support services of Morgan Drexen.
Morgan Drexen’s support services provide the critical linking of workflow automation without the loss of confidentiality and productivity. They provide more than 35 law firms nationally with paralegals and specifically designed debt automation software.
For Luella and Gerald Ivy, a couple married for more for 37 years debt was something they thought they would always struggle with. “If someone asked my advice I would tell them, get a law firm to help them, just do it! Because they handle everything,” says Luella
The Ivys’ engaged with the Williamson Law Firm as their debt became unmanageable. A small debt of $1,000 soon rose to $10,000. The Morgan Drexen supported attorney-based debt resolution program with the support of Morgan Drexen has helped thousands of families across the United States.
Eric Rosen, a Florida-based attorney has worked with debt laden consumers for many years.“Creditors tend to take attorneys more seriously. They realize that we can create delay, and sometimes successfully defend their claims in the event they resort to a lawsuit. Creditors who are trying to obtain payment against debt that is in ‘collection mode’ often will settle for less, provided they are paid sooner than later. As a result, they are more concerned with attorneys who can create delay, and possibly prevent any recovery.” concludes Rosen
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