Front runner Georgia governor candidate Stacey Abrams is $200,000 in debt!

She also said her financial experiences helped inform her “economic mobility plan” for Georgia. It would include an earned income tax credit, a family savings program, and a financial literacy effort.

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I was getting ready to post this article when I noticed this thread.

I went on to Yale Law School, and eventually landed my first law firm job, where I made $95,000—three times what my parents made, combined.

She graduated law school in 1999. The average starting salary for a college graduate at the time was $35,595. Ok, so your starting salary is almost three times the average.

I had racked up student loans, and throughout college and beyond, I’d swiftly turned every credit card application into those magical slivers of plastic that allowed me to pay for daily necessities.

Need details. I am sure some of the charges were for daily necessities, however I would bet the farm that a good portion of the charges were well beyond the necessities.

I’d love to say that was the end of my financial troubles, but life had other plans. In 2006,

What happened from 1999 to 2006? You couldn’t pay off a few years worth of living expenses that were racked up on a credit card in 7 years, while earning 3x as much as your peers?

Nearly twenty years after graduating, I am still paying down student loans, and am on a payment plan to settle my debt to the IRS.

Aren’t most student loans on a 10 year repayment schedule? And how did you accumulate the back taxes?

Race and gender play a major role in determining just how big of a financial disadvantage we’re likely to face.

So now not only playing the race card but also the gender card to excuse the horrible financial decisions that you made.

She argues that her financial situation should not disqualify her from running for office. While technically true, there is no way in hell I’d vote for this lady, because quite frankly I don’t want her anywhere near the discussions about taxes and budgets.

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The article said she paid off her credit card debt by 2006, but then supported her parents after Katrina and supported her drug-addicted brother’s kid.

"She says she dug in and managed to pay off her credit cards. But then tragedy struck her family.

Hurricane Katrina left her parents in need of financial help. And in 2006, she says they took in the newborn daughter of Abrams’ brother, who was addicted to drugs."

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Drug doesn’t just hurt the person using it but the entire extended family. There are streets around here that are filled with tent and human waste. It seems that we give up the fight.

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Federal student loans have a standard repayment term of 10 years.
But there is an extended term of 25 years.
Private loans can offer other terms (anything they want as far as I know).

I’d imagine its not uncommon for the typical law school grad with 100-200k of debt to opt for a longer repayment term to keep the monthly payments lower.

The current Gov. of GA :

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What is preventing someone like him from declaring bankruptcy? Let’s face it, it’s not his moral compass.

Is it likely that he has a net worth of 2M or more, and a bankruptcy judge would force him to sell his assets at fire sale prices, therefore putting him in a better position to negotiate for more favorable repayment terms with the creditors?

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Th article said he had to sell his house to stop foreclosure. Doesn’t sound like he was sitting on piles of money.

But even without significant assets he’d probably not be able to just skip out entirely with bankruptcy. If your income is high enough you don’t get to do chapter 7 and you instead have to do chapter 13. He’d be forced to repay based on a settlement agreement.

The nathan deal thing was a little different. His daughter asked for her inheritance to invest in a sporting goods store and the parents said yes. Businesses fail all the time. There’s a big difference between someone losing money on their kids small business and someone who’s been living pay check to pay check for twenty years.

Politics. If you’re rich, you’re an out of touch elitist. If you’re broke and in debt, you’re a loser who can’t be trusted to manage government funds,

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Unless you’re a fox news entertainer, who pretends to be like everyone else while actually being an out of touch elitist.

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I haven’t watched tv news in a few years, so I may be missing something that’s obvious, but why single out Fox?

i was referring to the recent news about hannity (a fox self-proclaimed “entertainer”), who has millions in real estate and calls everyone else an out of touch elitist.

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OK looks like Deals net worth was still pretty healthy even with that $2M debt …

“In the Sept. 23 disclosure, Deal’s reported net worth grew nearly 40 percent to $2.86 million.”

from https://www.ajc.com/news/local/judge-reopens-bankruptcy-filing-deal-daughter-son-law/HExMf9vQrupCs3pTB3FHhI/

Now I understand. Hannity and Fox are very unique in that respect. I know that Dan Rather, Tom Brokaw and Peter Jennings were all very common. They also never accused anyone of being out of touch. They just reported that “some people say” people are out of touch. Sorry for the old guy references, but I haven’t seen more than 2 minutes of a network news broadcast since '92 and have no clue who has read the news on the big 3 since then.

You’re right. Fox was much better when Ailes ran it. :wink:

edited to add: I’m no fan of Hannity. I just think he is one of many fish in the sea of newstainment who is not overly transparent. I can remember when “transparent” was not a complimentary thing to say about someone. :slight_smile: