Democrat candidate for governor of Georgia not to hip about paying bills?
Stacey Abrams is vowing to improve Georgia’s economic standing, but she believes her struggles with massive personal debt do not reflect poorly on her fiscal responsibility.It sounds like she handles her personal affairs he way Democrats handle government budgets with massive spending and little thought as to how to prepay it.
The former state representative has acknowledged that she owes more than $200,000 in student loans, credit card debt and IRS back taxes.
“I did not understand that those magical slivers of plastic that I was getting in in college, a $100 purchase was going to cost me like $3,000 over the next seven years,” Abrams stated in an interview with Yahoo Finance. “And that if I didn’t pay the bill every month it was going on some report that was going to follow me even after I had a great job.”
Abrams owes back taxes amounting to $40,201 for 2015 and $13,851 for 2016. She owes $96,512 in student loan debt and another $77,522 in credit card debt spread over nine different accounts. In total, she is about $228,000 in the red. This number is actually higher if you count her $178,500 in real estate debt and her $4,434 car loan.
Abrams, the former minority leader of the Georgia House of Representatives, has blamed a misunderstanding in her younger years of how credit card debt works and a temptation as a business owner to spend revenue instead of withholding it for tax collection. She has also cited family obligations as a major reason for debt, having helped pay for her father’s cancer treatment.
Abrams has argued that her financial difficulties make her uniquely qualified to lead Georgia, pointing out that many Americans also struggle with debt. However, her case does appear to be well above the norm. Her $96, 512 in student loan debt is almost three times the national average. More notably, her $77,522 in credit card debt is five times the national household average.