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Find out more about Pete Peterson-funded astroturf projects during the Fix your debt Portal.
‘Advance America’ had been established in 1997 and it is a publicly exchanged business under guidance associated with SEC. Advance America may be the system that is largest of non-bank advance loan solutions in the us. Advance America runs over 2,300 financing facilities 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 taxation planning. ” The web site’s label claims “Loans as much as $25,000 in less than a full hour. ” 1
Advance America is headquartered in Spartansburg, sc where it absolutely was launched by present Chairman for the Board, William Webster and previous Chairman of this Board, George D. Johnson.
The latest York stock market states that Advance America’s total income last year had been $623.86 million. 2
Ties to Pete Peterson’s “Fix the Debt”
The Campaign to repair your debt could be the incarnation that is latest of a decades-long work by previous Nixon guy switched Wall Street billionaire Pete Peterson to slash made benefit programs such as for instance personal protection, Medicare, and Medicaid beneath the guise of fixing the country’s “debt issue. “
This short article is a component associated with Center for Media and Democracy’s investigation of Pete Peterson’s Campaign to “Fix your debt. ” Please check out our primary SourceWatch web page on Fix your debt.
About Fix your debt
Governmental Efforts
Advance America formally offered $110,750 to candidates that are federal the 2012 election period https://www.speedyloan.net/installment-loans-ri/. 3 80% of the contributions decided to go to Republicans.
Placing poor people with debt
In February 2012, Mexican billionaire Salinas Pliego purchased Advance America for $780 million. 4 a ten years before that, Salinas’s Banco Azteca branches started providing loans to Mexico’s poor, usually at 50 to 60 per cent rates of interest. Forbes reported “Advance America and Banco Azteca share great deal in keeping. Both make use of those who don’t typically have actually lots of cash, and both cost interest that is really high.
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 per cent. The key arrives a couple of weeks after the loan is given. Business spokesman Jamie Fulmer points out that charges on little loans are usually less expensive compared to a bank charge for the bounced check.
However the nagging issue using this put up, in accordance with 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 cycle of taking out fully another loan to cover straight straight right back the amount that is original borrowed. The matter can quickly snowball. If lendees continue steadily to simply take more loans away to protect previous loans, they’ll feel a squeeze: the root yearly rate of interest is 533 %. ” 5
Executive Officers
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
At the time of February, 2013: 7
William M. Webster, IV, Chairman associated with 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)
