ANAHEIM, Calif., Dec. 15, 2010 /PRNewswire/ -- Hilary Clinton admitted in a recent interview for KQED news that America's debt was now seen as a national security risk. She wants to make America's resolution of debt a priority; her three 'd' approach is to make the deficit and debt of America as strong as its defense.
With so much of America's debt held in China, Clinton warns, "Our debt does constrain us where constraint may be undesirable. It also sends a message of weakness internationally."
For thousands of Americans the financial constraints of debt are very real. However, America's legal system is using innovative technology to reduce America's debt. Eric Rosen is one such attorney the Rosen & Winig Law Firm handle debt settlement for thousands of consumers.
The innovative technology the company uses is provided by Morgan Drexen, an Anaheim based company who is leading the way with automated documentation and state of the art software. Morgan Drexen are part of the Software and Information Industry Association (SIIA). The SIIA recognizes technology businesses that are setting the pace of the digital age. The technology Morgan Drexen provides allows for confidential documents to be automated, allowing consumers to access their settlement reports from creditors. The consumer can log into their confidential account and continually track the progress of their debt resolution.
The 350-person strong Company boasts a diverse employee base with most of the employees residing in Orange County. Cathea Walters is an Orange resident. "Helping a network of attorneys in reducing consumer debt is very satisfying. This is a huge milestone. I have been a part of Morgan Drexen since its inception and this is a big achievement. This is a victory for both Morgan Drexen's Software and Orange County."
The attorney network supported by Morgan Drexen support the need to reduce debt. Morgan Drexen has processed over 58,000 settlements, with a debt of more than $200 million. The skill of the attorney based debt resolution program has reduced this debt for a mere $78 million.
Eric Rosen is an attorney who uses the technology of Morgan Drexen on a daily basis. "During these tough economic times, it feels good to know that thousands of families have returned to a debt free standard of living and that they got there with the help of our law firm's partnership with Morgan Drexen's technology," says Rosen. He also believes that using an attorney-based program is more effective.
"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," says Rosen
Morgan Drexen CEO Walter Ledda says, "Technology is evolving, and to be able to assist attorneys nationwide in helping consumers is a great feeling. Even though the $200 million milestone of reduced debt has been reached, that debt was settled with a $122 million saving to Americans. That is the real milestone."
Susan Muzila is the Director of Strategic Communications at Morgan Drexen. "Despite seeing some improvement in the economy it is a significant achievement to reduce this considerable debt. Sadly there are many families struggling both in Orange County and nationwide. I feel lucky to be a part of Morgan Drexen; the flexible hours have helped me with my growing family," says Muzila.
For California resident Kolton Seed, it was a $6,000 medical debt that led him seeking financial help. Kolton had to relocate to New Jersey for a short period. "The move was very short notice and unfortunately that made me max out my credit cards. As a helicopter pilot you are required to move around a great deal. The debt was building and building and I could not even make the minimum payments," says Kolton.
Kolton engaged with the Hoeg Consumer Law Group. "Now I am debt free and engaged to be married. I am now dealing with my finances in a better way," adds Kolton.
For Michael Ray, a Long Beach resident, coping with an $18,000 debt had become a living nightmare. For Michael it was the slow economy that led to his rising debt. "Creditors were garnishing my wages. When I engaged with the attorney all the calls and harassment stopped," says Michael. He engaged with the Howard Nassiri Law Firm.
Today Kolton, Michael and thousand of Americans are debt free. America's Legal system and the innovation of technology is reducing the debt many experts like Hilary Clinton feel is now a national security risk, and could threaten the global role of the US, especially with much of America's debt now held in China.
SOURCE Morgan Drexen, Inc.