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‘Advance America’ had been started in 1997 and it is a publicly exchanged business under direction associated with the 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 wide number of solutions, ” 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 hour. ” 1
Advance America is headquartered in Spartansburg, sc where it had been launched by current Chairman associated with Board, William Webster and Chairman that is former of Board, George D. Johnson.
This new York stock market states that Advance America’s total income in 2011 had been $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 turned Wall Street billionaire Pete Peterson to slash acquired advantage programs such as for instance personal safety, Medicare, and Medicaid beneath the guise of repairing the country’s “debt issue. “
This informative article is a component regarding the Center for Media and Democracy’s investigation of Pete Peterson’s Campaign to “Fix the Debt. ” Please check out our sourceWatch that is main page http://www.speedyloan.net/installment-loans-nd/ Fix your debt.
About Fix your debt
Advance America formally provided $110,750 to candidates that are federal the 2012 election period. 3 80% of the contributions decided to go to Republicans.
Placing poor people with debt
In February 2012, Mexican billionaire Salinas Pliego bought Advance America for $780 million. 4 a ten years before that, Salinas’s Banco Azteca branches started loans that are offering Mexico’s bad, frequently at 50 to 60 per cent interest levels. Forbes reported “Advance America and Banco Azteca share a complete lot in accordance. Both make use of individuals who don’t usually have actually lots of cash, and both cost actually high interest levels.
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 main is born a couple of weeks following the loan is granted. Business spokesman Jamie Fulmer points out that charges on tiny loans are generally less expensive when compared to a bank cost for the check that is bounced.
Nevertheless the issue using this put up, based on Jean Ann Fox, Director of Financial Services at the customer Federation of America, arises whenever lendees have difficulty repaying. 5 Then they have stuck in a period of taking right out another loan to cover right straight back the initial quantity they borrowed. The matter can quickly snowball. If lendees continue steadily to simply simply take more loans away to protect previous loans, they’ll feel a squeeze: the root annual rate of 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
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)