Loose Lips

Kwame Brown Settles Credit Card Debt

Last week, we all know, was not good to Council Chairman Kwame "Fully Loaded" Brown. But the week before last wasn't half bad.

That's because on February 18, Brown finalized a settlement with the collection agency that's been hounding him for unpaid credit card debt.

Brown's settlement allows him to pay only $9,500 on what was originally $21,743.87 worth of debt. The settlement also allows Brown to escape interest payments, late fees, or attorney costs.

According to the terms of the settlement, Brown had to make a $500 payment at the end of last month and a $500 payment today. Brown then owes $2,033 at the end of March, and then has two more payments of $3,033 on April 31 (which doesn't exist) and May 31.

If Brown doesn't make a payment, he'll have to pay the full amount plus interest.

Brown also settled with the same collection agency over another credit card debt in December. In that settlement, Brown agreed to pay $4,050 to cover an original debt of $5,661.43.

It now looks like Brown has resolved all the court cases brought against him for debt-related issues—as long as he makes his payments on time.

Photo By Darrow Montgomery

Comments

  1. #1

    I thought this guy was in over $700,000 worth of debt?

  2. DaddyGraceFishSandwich
    #2

    This soap opera is getting more attention in the news than CBS's Charlie Sheen. We are living in perilous times and politicians (Republicans & Democrats) are continuing to 'PIMP' the people.

  3. Just the facts, ma'am
    #3

    @SE Ken,

    A big portion of his debt is the mortgage on his home. Not sure about other debts, though.

  4. #4

    @Just the facts, thanks!

  5. #5

    Someone should investigate this deal he got. Did Fully Loaded get a sweet settlement deal because of the office he holds? It's worth looking into that, me thinks.

  6. #6

    Don't forget his boat loan as well...

    Fully Loaded may have settled his debt, but make no mistake, other cardholders (e.g. the general public) will be on the hook for the rest of his debt in the form of higher fees, interest rates, etc. The card companies will get their money one way or another, even though Kwame was able to shirk some of his responsibility.

    You charged the goods, Fully Loaded. Pay the bill (in full). Clown.

  7. #7

    How embarrassing! What an example to set--just don't pay your bills and stick someone else with the tab!

  8. #8

    Mr. Brown will also have to pay federal and DC taxes on the amount of the forgiven debt as well. It's a good deal for him overall, but not unheard of for ordinary folks. I'm settling debts of my deceased uncle as his executor for anywhere from 40 - 50 cents on the dollar.

  9. #9

    Pay $9500 to spend $21,700; that's better than groupon, where do I sign up to get a deal like that?

  10. #10

    We all pay higher credit card charges and fees because of deadbeats like Kwame Brown. Thanks Kwame! You are a fully-loaded embarassment to this City.

  11. DrClifford Thomas@PGCRec
    #11

    Kwame Bee and I,Dr Clifford Thomas, karate Teacher at Bladensburg Rec Ctr in PeeGeeCee, Md are 2 birds of a rotten feather and we do not care about the taxpayer's weather.
    Rip the public like me in PG and he in DC casue you'll are idiots and I am glad to be downlow with Kwame Brown
    even if his fakeness is a clown. I , Dr.Clifford Thoams approve this meassage and luagh at you voters like Kwame Bee.

  12. #12

    I think you need to worry about the financial shape of this city not Jim Graham and Kwame Brown. How is this city going to amend/fix the budget. There seems to be an attack on the new administration. Nothing was said when Fenty was in doing all kinds of unethical things. The people of this city voted for Gray and not Fenty.

  13. #13

    Etta, I'll be gentle here. Kwame Brown's profilgate spending in his personal life has a direct correlation to how he governs. $800k in debt begets the $13k office remodel, and the $2k/month SUV lease that he pushed for.

    Like it or not, Kwame is council chair, and with that position comes scrutiny. You are right about one thing - the people voted for Kwame - at least a majority of misguided souls did, anyway. As a result, he's in the hot seat. He can choose to either lead, or conduct business as usual for him. Unfortunately, he's chosen the latter.

    Oh, and finally, Kwame's financial problems have nothing to do with Vincent Gray OR Adrian Fenty. Here endeth the lesson.

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