Representative Eric Swalwell discloses his financial situation to the public, revealing that he has accumulated increasing credit card debt. The news of the presidential candidate’s finances came into the spotlight after reportedly increased earnings of $174,000 per year starting in 2013.
Despite a whopping increase in the congressman’s annual salary, reports state that Rep. Eric Swalwell’s current financial standing is the result of his own ignorance of his liabilities. This led to rising credit card debt as well as failure to pay student loans. Free Beacon also notes that the representative has fully cashed out his pension.
Who is he?
Representative Eric Swalwell hails from the state of California. Having graduated from law school in 2006, he was then elected to his first term in Congress in 2013. During this time, Fox News states that his election to Congress allowed him access to a $174,000 salary per year.
Before his work in the Congress, Eric Swalwell concentrated his practice as a prosecutor in Alameda County. During this period, he was able to earn $118,000.
Despite the huge jump from his yearly income, news sites report that the congressman has racked up a huge financial debt. To date, Eric Swalwell has a student debt ranging from $50,001 to $100,000.
Fox News also notes that the Alameda County pension was also cashed out in 2013. The fund has a net worth ranging between $15,001 and $50,000.
Despite investing in a Vanguard retirement account in 2016, with an amount ranging from $15,001 to $50,000, the Congressman also incurred a massive credit card balance with an amount ranging from $10,001 to $15,000 each for both his American Express and Chase Bank accounts. In 2017, the Chase Bank account debt increased to a range of $15,001 to $50,000.
The disclosure released does not include property, noting that Swalwell is only renting. Also, absent from the disclosure is a savings or checking account.