Find out more about Pete Peterson-funded astroturf projects during the Fix your debt Portal.
‘Advance America’ ended up being started in 1997 and it is a publicly exchanged business under direction regarding the SEC. Advance America may be the biggest system of non-bank advance loan solutions in america. Advance America runs over 2,300 lending facilities in 30 states that are different. The company website states that Advance America offers “a wide array of solutions, ” such as “payday advances, installment loans, gold-buying, MoneyGram® solutions, and income tax planning. ” The internet site’s tag claims “Loans as much as $25,000 in less than a full hour. ” 1
Advance America is headquartered in Spartansburg, sc where it had been created by present Chairman of this Board, William Webster and Chairman that is former of Board, George D. Johnson.
The newest 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 could be the incarnation that is latest of a decades-long work by previous Nixon man switched Wall Street billionaire Pete Peterson to slash attained advantage programs such as for instance personal protection, Medicare, and Medicaid beneath the guise of repairing the country’s “debt issue. “
This short article is a component of this Center for Media and Democracy’s investigation of Pete Peterson’s Campaign to “Fix your debt. ” Please check out our sourceWatch that is main page Fix your debt.
About Fix the Debt
Governmental Efforts
Advance America formally offered $110,750 to candidates that are federal the 2012 election period. 3 80% of the contributions went along to Republicans.
Placing 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 providing loans to Mexico’s bad, usually at 50 to 60 per cent online installment loans rhode island rates of interest. Forbes reported “Advance America and Banco Azteca share a complete lot in accordance. Both make use of those who don’t usually have lots of money, and both fee 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 percent. The key arrives fourteen days following the loan is given. Business spokesman Jamie Fulmer points out that charges on little loans are often cheaper than the usual bank cost for the check that is bounced.
However the issue using this arranged, based on Jean Ann Fox, Director of Financial Services at the customer 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 straight back the amount that is original borrowed. The problem can quickly snowball. If lendees continue steadily to simply simply take more loans off to protect past loans, they’ll feel a squeeze: the root yearly rate of interest is 533 per cent. ” 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 for the 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)
