America is Downgraded but American Consumers Are Upgrading Their Finances
As America’s credit rating is downgraded consumers nationwide are using an attorney-based debt resolution program supported by Morgan Drexen to reduce debt.
Economists warn that America is juggling too much debt while in contrast consumer’s work tirelessly to reduce personal debts.
Stocks plunge and concern rises about the stagnant growth of the economy and the potential for higher inflation. Double dip recession is the word of the moment as stocks continue to fall. Morgan Stanley recently published a note saying that Europe and the US were “dangerously close to recession.”
As concern grows on Wall Street with the recent downgrading of America credit rating to a AA it seems that Americans are working harder than ever to reduce their personal debt.
For Illinois resident Stephanie E. rising debt forced her to give up the dream of attending culinary school. Like most students college life dictates living on a budget with daily credit card solicitations students are often tempted to live beyond their means.
“When I was going to school there was you know, get a free T-Shirt just sign up for a credit card and so I did it,” admits Stephanie. Only being able to afford minimum payments in addition to the high interest rates Stephanie was forced to leave school.
“Eventually once I realized how much I had accumulated, it was time to just quit school because I couldn't go on. Sometimes, you just have to stop going to school so that you can concentrate on trying to pay off your debt,” adds Stephanie.
Stephanie took the legal route to becoming debt free by engaging with an attorney-based debt resolution program. Attorney Hugh Williams works with consumers to help reduce and resolve unsecured debt. Williams uses the support services and legal automation of California-based Morgan Drexen.
Morgan Drexen supports attorneys nationwide by providing legal and financial automation. “Without the service Morgan Drexen provides my law firm, it would be impossible for me to help the number of clients I have. They arrange my appointments and the client’s files are online. The complex automation that uploads the client’s files on line allows me 24/7 access no matter where I am. It is a very good system to work with, admits Williams.”
Standard & Poor (S&P) also recently downgraded the credit rating of Los Angeles from a triple-A to double-A. Los Angeles Mayor Antonio Villaraigosa fired S&P after they downgraded L.A’s $7-billion investment portfolio also to a double-A.
In a statement form S&P they justified to downgrading by saying, “Significant exposures” to U.S. government securities that means they were heavily invested in U.S. treasury bonds, which is a high risk.”
Walter Ledda CEO of Morgan Drexen says, “Americans are watching the news and making note of the economy as they successfully reduced their personnel unsecured debt. In recent years we have supported attorneys nationwide in reducing almost $80 million of debt. As a support service we are also approaching a historical milestone in our companies’ history as we approach assisting attorneys in helping almost 3,000 families across America.”
Stephanie admits that she is relieved to be free of all the debts that were entered into the attorney based debt resolution program. “I was really stressed about all the credit payments I am a lot less worried now I sleep better at night,” concludes Stephanie.