Morgan Drexen Statistics Shows Consumer Debt on the Decline
October Bankruptcy filings continued to show a downward trend falling to 106,000 from 109,000. This shows an 8% decline in filings from September on an annual basis filings are down 11% from the same time in 2010.
While the nation continues to battle high unemployment filings statistics show that there are about 5000 filings per million adults. The highest urban filings rates are found in Shelby County, Tennessee, Riverside, California and Clark County, Nevada. Filings for Vermont are down by 30% and decreases of more than 20% have been noted in Washington DC.
Despite the origination of the financial crisis starting in New York the state feels the affects of bankruptcy far less than California. New York has the lowest filing rate in the nation while filings in California are now more than 40% above the national average.
Riverside and San Bernardino in California both have filing rates more than twice the national average.
According to statistics reported by California-based Morgan Drexen debt ratios are decreasing significantly. Morgan Drexen provides support services to attorneys across the nation by providing software automation on a cloud support basis. In 2007 the average debt that a consumer would engage with an attorney based debt resolution program was $22,972 compared to a significant drop to $17,698 in 2010.
Morgan Drexen supported attorney client Lyndi R. recently reached settlements on her engaged debt with the legal services provided by California-based firm Howard Law.
“Well I had kids so I used the credit cards to buy food and this and that and try to you know just keep my head above water,” explains Lyndi.
After accumulating over $17,000 in unsecured debt Lyndi reached out to the Morgan Drexen supported firm for help.
“I wanted to pay it, so I was looking around for some kind of help to lower the payments,” Lyndi says. “
In November, Lyndi settled her last account and is now debt free of the debt she enrolled in the program with, “I do feel a lot better that someone has helped me. I have an allergic reaction to credit cars now. I only have one that just is there to look pretty in my wallet.”
Morgan Drexen supported attorneys have helped over 3,078 consumers settle their outstanding debt and reduced consumer debt by over $317 million to date.