McCains report more than $100,000 in credit card debt

[Lone_Star_Dem]

Source: The Hill

Sen. John McCain (R-Ariz.) and his wife reported more than $100,000 of credit card liabilities, according to financial disclosure documents released Friday.

The presidential candidate and his wife Cindy reported piling up debt on a charge card between $10,000 and $15,000. His wife’s solo charge card has between $100,000 and $250,000 in debt to American Express.

Another charge card with American Express, this one for a “dependent child,” is carrying debt in the range of $15,000 and $50,000.

Cindy McCain reported a wealth of assets, including properties in Arizona and one she sold in La Jolla, Calif. for more than $1 million in profit.

In addition to his Senate salary, McCain received an annual pension from the U.S. Navy that is worth more than $58,000.

Democratic candidate, Sen. Barack Obama (D-Ill.), reported no liabilities in his annual financial disclosures.

Read more: http://thehill.com/campaign-2008/mccains-report-more-than-100000-in-credit-card-debt-2008-06-13.html

[liberal N proud]

1. That should endear him to those who use Credit Cards like checks

They can all say "look, John McCain is just like us" "In dept up to his eyeballs"

[Proud Liberal Dem]

2. Well, he said he didn't know much about how the economy works...

What does his massive credit card debt say about his ability to be financially responsible for a country that is already drowning debt due to his soon-to-be predecessor's fiscal/military policies (which he, of course, McCain has publicly vowed to continue)? With their assets, why should they even have to carry a revolving credit card balance (at least one like THAT)????

[rfranklin]

3. This makes no sense, McCain's wife has millions....

Is this to distract us from that fact?

[AP]

21. Maybe that's how much she spends in a month.

[NewJeffCT]

24. I'm guessing you're correct on that one

$100,000 a month is probably petty cash to a family that has eight homes.

[SergeyDovlatov]

4. Please call us, right now. We will retire your debt for 30 cents on the dollar. Debt consolidators!

[ladywnch]

5. proof he's a true fiscal conservative!

if he weren't it would be over a million! :LMAO:

[jpak]

9. Darth Cheney sez Deficits Don't Matter

Why do you hate America???

:evilgrin:

[Magleetis]

6. Total BS

they are gazillionaires. Quit trying to bond with us normal folks.

[Lorien]

25. I don't think that they are trying to "bond"; they're borrow and spend repugs

Like all Republicans, they don't know how to live within their means-even if they have millions. NOT the kind of people America needs to solve our considerable economic problems!

[EmperorHasNoClothes]

7. I have no doubt they spend that much each and every month

This is probably not running debt, it's just what they put on the card each month.

But, yeah, McCain is a real Man of the People. :eyes:

[SomeGuyInEagan]

15. And pay it off ...

... as you write, " ... probably not running debt."

That just happened to be the credit card debt at the time of the report. Maybe they run up more each month. Maybe less. But likely they pay it off monthly (paying no interest on the debt), take advantage of the convenience of using credit and are able to let their money sit in investments/interest-bearing accounts for a few more weeks.

Same as we do for groceries and gasoline (the McCains and my family are on different ends of the income/consume spectrum).

[truthisfreedom]

8. Amex has to be paid off every month, so that's just how they live.

[merwin]

11. I don't believe Amex has to be paid off every month anymore.

I think they have versions that you don't have to. I could be wrong, though.

[TwixVoy]

19. You are correct

AMEX has NOT required payment in full on all of it's cards for many years now.

They have a whole selection of reveolving credit cards now. (AMEX blue, for example)

They even let you revolve a balance on cards that traditionally had to be paid in full everymonth - you just have to ask them to let you revolve on those cards and they will.

[DemoTex]

20. My AMEX card requires payment in full every month. Has since 1978.

However, some AMEX cards are of the revolving-credit type (AMEX-Costco card, for example).

[AP]

22. As I said above, this might be how much she spends a month.

[truthisfreedom]

30. Okay, here's the real facts... Huffington Post... Zero percent interest, for months on end...

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=3350968&mesg_id=3352689

[patriotvoice]

10. My credit card debt: $0.

Down from $38,000 four years ago. Interest is a thing I get paid now, not them. Not again. Ever.

On edit:
I know not relevant to the thread, but I say this because it's fresh in my mind. I just -- today -- sent my last $8.11 cheque to Bank of America and now I am totally and completely free of all debt, except my mortgage. Ebullient is not even barely sufficient to describe my levity.

[StatGirl]

14. Woo-hoo!

Congratulations! Debt-free is marvelous. :)

[SomeGuyInEagan]

16. Congrats!

That is an incredible accomplishment.

Be proud of yourself.

[Lorien]

26. Congrats! I hope to be saying the same in a year or so

no credit card debt (don't own one) but I do have medical debt on my home equity line. I've been slogging by with it for eight years now, but it's finally getting paid down to where it *may* be gone by 2009, barring any more need for medical services. I can hardly wait until I find myself in the same position you are today!

[SeeHopeWin]

12. she is worth millions, why CC debt?

Strange...

[SomeGuyInEagan]

13. Perhaps for the same reason I use credit card ...

Convenience.

We rarely pay with cash or check with anything anymore. But we pay the entire balance of credit cards each month and therefore incur no interest charges.

Nowhere in the linked story does it state that this is ongoing credit card debt.

For example, say Senator or Mrs. McCain sees a $17,000 or $58,000 gizmo they want. Sure, they have millions. But 1) who carries $17,000 or $58,000 in cash and 2) why not let that money sit in an interest-bearing account for a couple of more weeks by using the credit card and paying for it when the bill comes.

I have no doubt that several people in this country may spend this kind of money in a given credit card billing cycle but pay it off each month. Especially people who use credit cards for business use.

[margotb822]

17. More proof that he shouldn't run the country

He can't even balance his household budget. He spends other people's money like it doesn't matter and even though he could have a surplus, he has massive debt. Ridiculous.

[texasleo]

18. Separate taxes, but they share credit cards. Interesting.

[NewJeffCT]

23. He can use some of his $58K per year in disability pay to pay it down

Not enough for all of it, but it will help poor Johnny out. Maybe they can take a 2nd mortgage out on one of their 8 homes for the rest?

[krkaufman]

27. Requisite followup read at HuffPo...

Ready To Laugh At McCain Family Debt? Not So Fast ...

... in which the author highlights the not insignificant point that the McCain's credit cards are all INTEREST FREE. Yes, you heard that right... one of our two main Presidential candidates has 0% interest "loans" from American Express totaling from $100,000 - $250,000, and possibly more if Cindy McCain's individual debt is included.

In a week when the McCain campaign has twice attacked Obama regarding the finances and associations of two members of Obama's VP vetting team, criticizing the favorable loan rate received by one of the men from Countrywide Financial, it should be shocking and huge news to learn that John McCain, himself, has interest-free loans possibly totaling more than double the national median home price.

Call it a big "conflict of interest"... :) ... and a steaming pile of hypocrisy.

[LeftishBrit]

28. The party of fiscal responsibility...

[formercia]

29. Another borrow and spend Republican

Being Pretzeldent is just many orders of magnitude bigger. Wow, John, just think, you get to spend other peoples' money.