Morgan Drexen Agrees that Financial Literacy Begins At Home
Chores, Allowance and the 21st Century Kid is a survey conducted by DoughMain.com which found that parents can do more to assist their children in managing money.
89% of parents assign their children chores but only half offer them any financial rewards for the chores. DoughMain.com is dedicated to the financial education of families. According to them those parents not paying their children for chores should consider doing so.
One of the top reasons for paying a child to do chores is to help them learn how to manage money. 47% of parents who offer financial reward stated that financial literacy was their incentive in paying their children.
“Financial literacy needs to start in the home as with all other disciplines. By teaching a child to respect money and even how to balance a check book it will benefit them in later life,” says California-based Morgan Drexen CEO Walter Ledda.
The average consumer in the U.S is approximately $15,956 in debt, according to statistics derived by creditcards.com and the Federal Reserve. 609.8 million Americans own a credit card and the average number of credit cards owned per household in 2009 was 4 cards.
Linda O., a New Jersey resident struggled for many years with credit card debt; her husband spoke about her difficult time. “I wasn't married to Linda at the time, but from what she told me with the credit card debt you would try to catch up on one thing by paying with another and it was just a vicious circle and there was never any way to catch up.”
Linda started working with an attorney based debt resolution program using the support services of Morgan Drexen. Through automation the attorneys using the support services of Morgan Drexen believe that the efficiencies brought to their law offices through automation allow them to service clients at a much lower legal fee rate.
“She definitely really appreciated that because actual lawyers working with things really made it a lot easier for her and she got a little more confident. I know she had at least maybe 8 credit cards, she had a couple gas cards, maybe 8 or 10,” concludes Robert.
Using credit cards to survive is not a good idea but many Americans fall into the debt trap in simply trying to survive. Robert says about the attorney-based program, “It’s just an excellent program and it’s a great way to help someone get back on their feet and she couldn't say one bad word every time she had a problem, well basically there weren't many problems, but if she had concerns about something she would call and the people on the phone were so helpful they explained everything to her and it was really a great way for her to get back on her feet.”