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‘Advance America’ had been launched in 1997 and it is a publicly exchanged business under direction of this SEC. Advance America could be the biggest system of non-bank cash loan solutions in the us. Advance America runs over 2,300 lending centers in 30 various states. The company website states that Advance America provides “a range that is wide of, ” such as “payday advances, installment loans, gold-buying, MoneyGram® solutions, and income tax planning. ” The internet 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 you could try here been founded by present Chairman associated with the Board, William Webster and Chairman that is former of Board, George D. Johnson.
The latest York stock market states that Advance America’s total revenue last year ended up being $623.86 million. 2
Ties to Pete Peterson’s “Fix the Debt”
The Campaign to repair your debt may be the latest incarnation of the decades-long work by previous Nixon guy switched Wall Street billionaire Pete Peterson to slash received advantage programs such as for example personal safety, Medicare, and Medicaid beneath the guise of repairing the country’s “debt issue. “
This short article is a component associated with the Center for Media and Democracy’s research of Pete Peterson’s Campaign to “Fix your debt. ” Please check out our primary SourceWatch page on Fix your debt.
About Fix your debt
Advance America formally offered $110,750 to candidates that are federal the 2012 election period. 3 80% of these contributions decided to go to Republicans.
Putting poor people in Financial Obligation
In February 2012, Mexican billionaire Salinas Pliego bought Advance America for $780 million. 4 ten years before that, Salinas’s Banco Azteca branches started offering loans to Mexico’s bad, frequently at 50 to 60 per cent rates of interest. Forbes reported “Advance America and Banco Azteca share great deal in accordance. Both make use of individuals who don’t typically have actually lots of money, and both fee actually high rates of interest.
An Advance America loan that is in-store of1,000 in Mexico’s border state of Texas, for instance, is sold with “fee” that amounts to simply about 20 %. The main is born fourteen days following the loan is given. Business spokesman Jamie Fulmer points out that fees on little loans are often cheaper than a bank cost for the bounced check.
However the nagging issue using this put up, based on Jean Ann Fox, Director of Financial Services at the buyer Federation of America, arises whenever lendees have difficulty repaying. 5 Then they have stuck in a period of taking out fully another loan to cover straight straight back the amount that is original borrowed. The matter can snowball quickly. If lendees continue steadily to simply simply simply take more loans off to protect previous loans, they’ll feel a squeeze: the root yearly interest is 533 %. ” 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 Ceo
Board of Directors
As of February, 2013: 7
William M. Webster, IV, Chairman of this Board and Director
J. Patrick O’Shaughnessy, President and leader Officer (Principal Executive Officer), and Director
James A. Ovenden, Executive Vice President and Chief Financial Officer (Principal Financial Officer)