As long as she had ‘magical slivers of plastic,’ she had money.
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.
Georgia’s Democratic gubernatorial nominee, Stacey Abrams, ended her three-day “Jobs for Georgia” tour Saturday with a stop in the small town of Macon. During a town hall, she offered a few examples of her ambitious economic agenda.
Among many ideas, she told local voters she hopes to create a $10 million investment fund to boost small businesses and another $40 million fund to spur job growth. Abrams also proposed converting abandoned warehouses in the area into advanced hubs for solar panel installations.
Abrams claims such investment is necessary to improve job growth in Georgia. However, her critics argue she supports expensive, big government solutions. More notably, Abrams has taken flak for her massive accumulation of personal debt.
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 statedin 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.