American Families Resolve the Credit Card Crisis With Help From Morgan Drexen and the Emergency Direct Assistance Fund (EDAF)

November 5, 2009

Unique Cash advance program allows many consumers to avoid the scar of bankruptcy and begin living debt free.

ANAHEIM, Calif., Nov. 5 /PRNewswire/ -- "If you're drowning in credit card debt, you could qualify for up to a $1,000 cash advance through the Emergency Direct Assistance Fund," says the voice on the radio. It's a compelling ad for cash-strapped Americans, many of whom are facing tough financial times and continual pressure from unforgiving credit card collectors. The offer may sound too good to be true; but according to Walter Ledda, founder of Morgan Drexen, Inc., the Emergency Direct Assistance Fund (EDAF) has become a lifeline that thousands of families have used to help get out from under crushing credit card debt.

EDAF was conceived by Morgan Drexen as a hardship program to help consumers settle credit card debt as quickly as possible. For those who qualify, the EDAF cash advance is used to help jumpstart a settlement plan that leaves consumers with less debt and a clear path to a new, debt-free life.

How does the EDAF advance help clients reverse their debt?

"Most consumers don't understand that settling with credit card companies, even if they could resolve their debt for pennies on the dollar, requires some cash in hand," explains Ledda. "The Emergency Direct Assistance Fund advances qualified consumers much needed cash, giving them a huge head start on building a savings fund that will ultimately lower monthly payments, leave more money for day-to-day essentials, help avoid bankruptcy and settle credit card debt for substantially less than they now owe."

So why wouldn't everyone facing a mountain of unsecured debt take advantage of EDAF?

"Unfortunately, fly-by-night debt consolidators have muddied the waters," says Ledda. "When families are desperate they can fall prey to unscrupulous plans that do nothing to reduce long-term debt and often makes matters worse by requiring large up-front fees that these families can't afford. EDAF is quite the opposite: offering a cash advance to settle debt and, therefore, help families get their finances back on track."

By offering debt settlement services to local and regional law firms, Morgan Drexen has helped to lower fees to consumers while making legal representation available to those who often cannot afford it. With the addition of the attorney-sponsored EDAF, consumers have a concrete way to get out from under debt without resorting to bankruptcy.

"So many people think bankruptcy is a quick fix, when in reality, that bankruptcy follows you forever," says Ledda. "In many cases, prospective employers are hesitant to hire someone who has gone bankrupt. And believe me, employers will check your credit history. Most Americans don't understand the full ramifications of going bankrupt. With the exception of extreme situations, consumers should do whatever they can to avoid this devastating solution."

About Morgan Drexen

As the nation's first Internet-based provider of accounting, marketing, and paraprofessional services to law firms - including analysis and administrative assistance for debt settlements - Morgan Drexen, Inc., works with law firms nationwide to substantially lower credit card and other unsecured debt, to protect clients from threats and harassment, and to the help law firm's clients build a secure financial future. The company administers the Emergency Direct Assistance Fund (EDAF) for the law firms. EDAF is a hardship program that provides an interest-free, cost-free advance and quickly is gaining national recognition by lawyers as a much needed lifeline for qualified clients who need just a little assistance during their financial struggles in today's unprecedented economic upheaval.

Web Site: http://www.morgandrexen.com

SOURCE Morgan Drexen