Disclosures Give Look at Candidates’ Personal Finances

[Pirate Smile]

Source: New York Times

Senators John McCain and Barack Obama released their Senate financial disclosure statements on Friday, revealing that Mr. McCain and his wife had at least $225,000 in credit card debt and that Mr. Obama and his wife had put more than $200,000 into college funds for their daughters.

The bulk of the McCains’ obligations stemmed from a pair of American Express credit cards that are held in Cindy McCain’s name. According to the disclosure reports, which present information on debts in a range rather than providing a precise figure, Mrs. McCain owed $100,000 to $250,000 on each card.
Another charge card, held by what was described as a “dependent child,” had also accumulated debts of $15,000 to $50,000. In addition, a credit card held jointly by the couple was carrying $10,000 to $15,000 in debt, the filing indicated, at a stiff 25.99 percent interest rate.

-snip-
In addition to his Senate salary, $165,200 last year, Mr. Obama reported book royalties of more than $4 million in 2007. Those figures reflect the vigorous sales of his two books, “Dreams From My Father” and “The Audacity of Hope,” in the months leading up to and after his entry into the presidential race early last year.

Mr. Obama and his wife have invested those earnings in a variety of ways. In May, for example, they put at least $1 million into a money market fund, and in July invested $100,000 to $250,000 into college savings accounts for each of their two daughters, who are in elementary school. The Obamas have often noted on the campaign trail that they had only recently paid off their own college loans.







Read more: http://www.nytimes.com/2008/06/14/us/politics/14disclosure.html

[annabanana]

1. Well. I can certainly relate more to one of their situations

than the other. If I was $225k in debt to a credit card I would be on the lamb.

When the Obama's kids are college age, that "529" balance won't look so big.

[VP505]

2. Interesting, the Republicant Candidate,

the one claiming to be a CONSERVATIVE is showing a personal borrow and spend financial disclosure. On the other hand the Democratic Candidate is showing a very fiscal responsible financial disclosure, what happened to that BIG SPENDING myth the Democrats are always accused of.

[Pavlovs DiOgie]

3. No wonder McCain doesn't understand the economy

he can't even do right in his personal finances. What kind of idiot has multi-millions and credit card debt?

[BR_Parkway]

4. A Credit Card with a 25.99% interest rate at that!! Where are the

financial advisors at the least to tell them how to control their lavish spending. No wonder the Repubs can't relate to the rest of us, they live like modern day royalty.

No wonder Shrub has run up the National Debt like he has - paying things off with reasonable interest isn't something these people even think about.

[roseBudd]

5. McCain's American Express cards are interest free, that's right 0% interest...

Time to write some LTTEs DUers.

Ready To Laugh At McCain Family Debt? Not So Fast ...
Seth Colter Walls <[e-mail] >
June 13, 2008 01:37 PM

But not all credit card debts are created equal. In fact, according to a prior disclosure form filed in May that was provided to The Huffington Post, a significant amount of the McCains' credit card debt is being held by American Express at an interest rate of zero percent -- making their debt a lot less like the costly credit card pitfalls facing many Americans and a lot more like the big sweetheart loans that can get national political figures in hot water.

... in which the author highlights the not insignificant point that most of the McCain's credit card debt is 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.

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

[Blaq Dem]

6. He should tell his wife to cut back on her 'earmarks' (or plastic surgeries)

LOL
Ciny LOOKS like plastic.