As the Federal Reserve face a bank suit over credit card fee rules, Americans are reducing their deb
07-Apr-2011 | News-Press Release
As the Federal Reserve face a bank suit over credit card fee rules, Americans are reducing their debt.
As the Federal Reserve Faces a Bank Suit over Credit Fees Consumers Throughout the United States Are Using an Attorney Based Debt Resolution Program to Reduce Debt
Banks across the United States claim that the rules limiting credit card fees are not fair. The Federal Reserve’s Board of Governors are being sued by TCF National Bank as they challenge the legislation appended to last year’s Dodd-Frank financial regulation overhaul bill.
In December, credit card swiping fees were capped at 12 cents a transaction in contrast to the previous formula of 1.14% or 44 cents per transaction. The Sioux Falls-based unit of TCF Financial makes about $8 million a month on the fees, according to Timothy Kelly, a lawyer for TCF National.
As the nations bank fight to keep their profits high- Americans are trying to keep their debt levels low. For Veronica Pittman it was the dream of owning her own business that turned into a nightmare. Pittman engaged with an attorney-based debt resolution company to clean up her $25,000 of debt.
“There are needs that the business had and from time to time when the needs arose there was not always that cash flow. Plus interest rates were extremely high,” says Pittman.
Pittman and her husband engaged with the Barnes Law Firm in Georgia. Barnes Law uses the integrated legal support services of Morgan Drexen. Morgan Drexen provide legal support services to more than 35 law offices across the United States. Southern California trustee Jeffrey Golden also recently requested Morgan Drexen.
General Bankruptcy Counsel for Jeffrey Golden, Tom Casey says, “The Trustee engaged in an in- depth investigation of the support services that Morgan Drexen provides. He concluded that using these support services would benefit the trustee. The trustee would not have untaken operating a Debt Settlement Program without using Morgan Drexen. They demonstrated an ability to operate very effectively in a complex industry.”
Attorneys throughout America have realized the value of using the legal support services of Morgan Drexen. Pittman says of the attorney-based program, “They handled everything for me and it was so smooth, the law firm would give me current updates monthly reports and monthly statements-it just made it smoother. It just was painless practically. I’m very glad for the firm’s involvement.”
For Texas resident Rosie Tinch it was a family illness that caused her debt to spiral out of her control. “Things just kept piling up and piling up and then every time you send a payment to the credit card company they’d raise the interest rates. It just go so high I just couldn’t afford it,” admits Tinch
Tinch like so many Americans is now living debt free. “I feel good about it- no more credit cards for me. It feels great- really great,” adds Tinch
Attorneys throughout the United States the attorneys using the support services of Morgan Drexen have reduced $235 million in consumer debt.
Director of strategic planning for Morgan Drexen Susan Muzila says, “The recent changes in law were put into place to protect consumers and not to push up the profit margins of the nations banks. High unemployment rates are affecting people across the United States and any regulation put into place to protect consumers is a good thing.”
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