Abrams addresses major debt ahead of gubernatorial primary

ATLANTA — “I have to tell your stories, and if you’re uncomfortable with that, I need to know now.”

That’s the first thing Stacey Abrams told her family when she decided to run for Georgia’s highest elected office.

Now one of her family’s stories is intertwined in the latest headline involving the Democrat running for governor.

It’s a story about taking care of loved ones who sacrificed for her, and it’s a story of major debt.

Abrams’ financial disclosures were made public in a filing last week. They reveal Abrams, 44, owes the IRS roughly $50,000 on top of about $96,000 in student loan debt and more than $70,000 in credit card debt.

TRENDING STORIES:

Abrams is unapologetic and matter-of-fact.

"I've made choices. I've had responsibilities and obligations, and I've made the best choices I could," Abrams told Channel 2 Investigative Reporter Nicole Carr.

Abrams sat down in her Kirkwood condo with Carr, who requested the interview shortly after the disclosures were made public late last week. CLICK HERE for a detailed account by The Atlanta Journal-Constitution.

In addition to using her educational loans to complete her degree programs at Spelman College and Yale Law School, Abrams said she took on heavy responsibilities following Hurricane Katrina.

That’s when her parents lost everything. At the same time, they were the adoptive parents of Abrams’ young niece, Faith.

“I’ve never failed to file my taxes on time, but when there have been moments when the choice was, ‘Do I make sure that my dad has access to his cancer treatments, that my mom has what she needs, that Faith has what she needs? I always put my family first,’” Abrams said.

In doing that, Abrams ended up on a payment plan with the IRS.

“(To those who) say ‘Well, if you don’t have the personal finances in order, what would you do with taxpayers’ money?’ What do you say?” Carr asked.

“I’ve managed my finances by balancing my obligations and always taking responsibility,” Abrams said.

Abrams said the feedback she’s heard since her detailed financial issues became public hasn’t been negative.

“Real Georgians understand that we make choices,” Abrams said.

OPPONENT ATTACKS STATE TIES, NOT DEBTS

Abrams’s Democratic opponent, Stacey Evans, whose humble beginnings are often paralleled to Abrams, did not attack Abrams for her financial position.

She did issue a statement to The Atlanta Journal-Constitution regarding Abrams’s affiliation with NOWaccount, a business designed to get small business owners quick access to low-interest financing.

It was born out of Abrams’ and a business partner’s inability to gain capital for a successful baby formula business model years ago.

In short, NOWaccount works as a credit card. They buy business invoices, so small business owners are paid upfront instead of waiting months for customer payback.

But Evans said other Democrats should have known Abrams’ startup was tied to state contractors, during her tenure as the House Minority Leader.

Abrams points out when the business applied for funds through the Obama-era Small Jobs Act, she ceased involvement in any transactions with state government officials who administered the program.

Her business partners covered that, and her salary was not funded by taxpayers, she said.

Additionally, Abrams said her consultation with a Republican state attorney general was to ensure she was not blurring any ethical or legal lines.

She was assured she was not.

“I did everything I was supposed to and we were so successful that we created over 2,000 jobs,” Abrams told Carr. “That is a legacy that I think anyone would be proud of.”

Abrams described this week’s headlines as a chance to offer this much to voters, particularly those who don’t believe they can run for office without wealth.

“Sometimes you’re going to stumble, but that doesn’t mean that you can’t stand up and move towards what you want,” she said.

Cox Media Group