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‘Advance America’ had been founded in 1997 and it is a publicly exchanged business under guidance associated with SEC. Advance America could be the biggest system of non-bank cash loan solutions in the us. Advance America runs over 2,300 financing visit this site facilities in 30 various states. The company website states that Advance America provides “a wide selection of solutions, ” such as “payday advances, installment loans, gold-buying, MoneyGram® solutions, and income tax planning. ” The web site’s label claims “Loans as much as $25,000 in less than hour. ” 1
Advance America is headquartered in Spartansburg, sc where it had been established by present Chairman regarding the Board, William Webster and Chairman that is former of Board, George D. Johnson.
The latest York Stock Exchange states that Advance America’s total income last year ended up being $623.86 million. 2
Ties to Pete Peterson’s “Fix the Debt”
The Campaign to repair the Debt could be the latest incarnation of the decades-long work by previous Nixon guy switched Wall Street billionaire Pete Peterson to slash made advantage programs such as for instance personal protection, Medicare, and Medicaid underneath the guise of repairing the country’s “debt problem. “
This article is component of this Center for Media and Democracy’s research of Pete Peterson’s Campaign to “Fix the Debt. ” Please go to our sourceWatch that is main page Fix your debt.
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Advance America formally provided $110,750 to federal applicants in the 2012 election period. 3 80% of those contributions decided to go to Republicans.
Placing the indegent in Financial Obligation
In February 2012, Mexican billionaire Salinas Pliego bought Advance America for $780 million. 4 a ten years before that, Salinas’s Banco Azteca branches began providing loans to Mexico’s bad, usually at 50 to 60 % interest levels. Forbes reported “Advance America and Banco Azteca share a complete great deal in keeping. Both make use of individuals who don’t typically have actually lots of money, and both cost actually high interest levels.
An Advance America in-store loan of $1,000 in Mexico’s border state of Texas, as an example, is sold with “fee” that amounts to simply about 20 %. The main flow from fourteen days following the loan is granted. Business spokesman Jamie Fulmer points out that charges on tiny loans are often cheaper compared to a bank cost for the check that is bounced.
Nevertheless the nagging issue using this arranged, based on Jean Ann Fox, Director of Financial Services at the buyer Federation of America, arises when lendees have difficulty repaying. 5 Then they have stuck in a period of taking right out another loan to pay for right straight back the initial quantity they borrowed. The problem can snowball quickly. If lendees continue steadily to simply take more loans off to protect previous loans, they’ll feel a squeeze: the root yearly interest is 533 per cent. ” 5
At the time of February, 2013: 6
- J. Patrick O’Shaughnessy, President and Ceo
- James A. Ovenden, Executive Vice President and Chief Financial Officer
- Kenneth E. Compton, Former President and Chief Executive Officer
Board of Directors
At the time of February, 2013: 7
- William M. Webster, IV, Chairman associated with Board and Director
- J. Patrick O’Shaughnessy, President and Chief Executive Officer (Principal Executive Officer), and Director
- James A. Ovenden, Executive Vice President and Chief Financial Officer (Principal Financial Officer)
- Robert H. Chapman, III
- Kenneth E. Compton
- Gardner G. Courson
- Tony S. Colletti
135 N Church Street Spartanburg, SC 29306