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

[ProSense]

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

By Kevin Bogardus and Manu Raju
Posted: 06/13/08 10:20 AM

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.

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[nxylas]

1. Ah, the party of fiscal responsibility

Would you buy a used economy from this family?

[ashling]

6. I like that map

I try to tell people that Texas is a lot bluer than they think.

[nxylas]

8. Here's where I got it from

http://www.fivethirtyeight.com/2008/05/black-youth-and-latino-turnout-and.html

I used the Washington Post's electoral map widget to create a map based on the last one in Poblano's post.

(edit: bear in mind that this is based on a 50% increase in turnout among Latino and young voters, and a 40% increase in African-American voters. Poblano says that this is a long shot, but it gives Obama volunteers something to aim for).

[Wickerman]

2. So, do you want the candidate who lives on credit

or the one who has no liabilities to be the CFO of the country?

hmmmmm.

[karynnj]

5. They don't live on credit - Cindy is woth millions,

this shows balances on credit cards - that might even be paid off regularly. As a percent of their assets, these balances are not scary. (If they were mine - they would be terrifying)

[Wickerman]

13. Yeah, I guess, to me its the principle

Do you want a man who has a monthly (American Express) bill that has to be paid off each month at the tune $100 to 250K? Or, would rather your president not spend per month what most of us spend over a couple of years? It'a about being in touch with the people you are elected to serve. If you are ok with McCain and his lifestyle that is your pain, I'm not.

[blondeatlast]

14. 150K on an American Express card? The balance needs paid every month.

That's pretty messed up, if you ask me.

[elehhhhna]

19. Yep. It's their monthly expenses...for ONE month. But he's no rich elitist. Uh uh!

[blondeatlast]

20. Of course not. We all own three houses in our hometown in gated communities

with precious pink living rooms featured prominently in "Architectural Digest," right?

[elehhhhna]

32. NINE HOMES ALTOGETHER! IIRC, the pink monstrosity was Carville/Matalins...

the M*Cain "home" was quite poorly decorated in tacky "Southwest" style and featured orangish walls. Euwww.

[ecstatic]

25. wow. Must be nice. nt

[marlakay]

31. they changed the card years ago

i still pay it off but you don't have to anymore. its like a regular card now.

[azmouse]

34. Not any more.

My husband has an AmEx card and it has a feature where larger purchases can be put on the card and be paid off over a longer period of time if you chose to.

[QueenOfCalifornia]

3. Poor Cindy

She is just barely making ends meet.
:eyes:

[karynnj]

4. Those are high balances - though as a percent of income/assets

might be reasonable. As I am not at their income level, I can't imagine balances near that high, but I think that AMEX is a card that is paid in full each month. I wonder if maybe Cindy is paying her own expenses for travel, hotels etc rather than the campaign. Do surrogates (including the spouse) HAVE to charge expenses to the campaign?

[hughee99]

7. Sorry,

There's a difference between running up a credit card that you can pay off, and buying shit you can't afford on credit. Good for Obama for having his credit cards cleared, but still, unlike most Americans, the McCain family finances seem to be "in the black". As long as he can pay his cards off and he's not spending the money on hookers, I don't see how this is a campaign issue.

[ProSense]

9. "I don't see how this is a campaign issue. "

You're surprised that the candidates' personal finances are a campaign issue?

[hughee99]

17. No,

I'm just surprised that this specific aspect of it is. Personally, I put things on my credit card that I don't worry about because I know I can pay it off right away if I wanted to (and usually do).

My brother has no credit card debt (anymore), but has never done any financial planning for himself. He has no emergency fund or savings, despite his ability to do both if he chose to.

I fail to see how this implies I'm not fiscally responsible, and my brother is. I'm not trying to paint Obama as not fiscally responsible, or say that McCain necessarily is, just that these numbers show nothing.

[ProSense]

21. It's interesting that people are looking at this from the stand point of Cindy McCain's net worth

The Hill took a look at the latest Senate financial disclosure forms and found that a joint card held by the two has between $10,000 and $15,000 in charges, while a card that is solely in Cindy's name has between $100,000 and $250,000 in debt. Another card for a dependent child has between $15,000 and $50,000 in charges.

This is despite Cindy McCain having sold a property in California for a profit of more than $1 million.

link

Cindy McCain reported $6 million in earnings (income, $4.5 million) for 2006. As a percentage of her income, a $150K to $250K monthly debt is between 40% and 65% of her annual income.

She can afford it, but $1.8 million to $3 milllion in American Express debt annually is a lot of debt.

Maybe I'm looking at this wrong.

[hughee99]

24. I'm not sure where you're getting 3 million in debt from

She's probably carrying $250K on AMEX, I don't think it means she's charging and paying off $250K every month.

[blondeatlast]

27. Read the article--that's precisely what it says. nt

[hughee99]

28. I did read the article

And then I reread it. Here's the part about her credit card debt. Which part says that?

"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."

[slinkerwink]

10. that means he's going to run up our deficit

[klyon]

11. just monthly expenses

no big problem, they can afford it

[blondeatlast]

12. Get this: "Obama reported $4.1 million in book royalties, while McCain reported $176,508,

which the Republican said was donated to charity."

Bwahahahahahaha--and McCain's book was pubbed by the RW equivalent of a vanity press (I was a book buyer when it came out)!

My stomach hurts! :rofl:

[City Lights]

15. Just what Uhmurika needs, another borrow-and-spend Republicon. nt

[Zachstar]

16. And we expect them to help get this country into fiscal responsibility?

[backscatter712]

18. That's pocket change for them.

Cindy's worth millions - she could pay it all off today if she cared enough.

[wmbrew0206]

22. John and Cindy McCain are supposedly American Express Black card holders

That means they spend up to $200,000 a year on their credit card.

If you can afford to pay it off, which in this case they can, it makes sense to use your credit card instead of a checking account, since almost all credit card companies give you cash back or some sort of points, that you wouldn't get from your checking account. It also gives you the ability to challenge purchases in the vendor tries to screw you.

[blondeatlast]

26. And? I've successfully challenged purchases on my ultra-lowball Visa and I get points.

Damning with faint praise? I don't get this defense at all.

[wmbrew0206]

29. Ok a little slower

1. It is not surprising that the McCains have a credit card this big since they are AMEX Black card holders. That means they are spending well over $200,000 a year on a credit card.

2. Using your credit card, if you can pay them off, for paying bills, shopping, etc. is smarter than using your bank account for the reasons I listed above.

This is an issue to go after McCain about but not for the reasons most posters above suggested, ie fiscal irresponsibility. The way we should go after on this one McCain is to portray him as out of touch and a super elite rather than fiscally irresponsible.

[elehhhhna]

33. Think of all the airline miles they get! Oh, wait, they own a plane

or two.

Nevermind.

[PBS Poll-435]

23. I guess Sindy

Cut off his allowance.

:cry:

[11 Bravo]

30. Maybe if he apologizes to Cindy for calling her a "cunt" she'll pay his bill.

[krkaufman]

35. 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.

[Colobo]

36. As long as they pay, I don't give a damn about this.