So McCain has credit card debt????

[elfin]

Probably no worry given their resources

From Huffington Post via the Hill

Snip -- 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.

McCain's wife also has a second American Express charge card listed on the senator's financial disclosure that was carrying $100,000 to $250,000 in debt.
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.

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

[napi21]

1. I suspect this report is a snapshot in time, and those amounts on

the cc's of someone running a national campaign is really no surprise. Since these are personal cc's though, I wonder if those charges don't qualify as "loans to the campaign"?

[Clintonista2]

2. Doubtful

His wife is worth millions. It's possible that they pay that amount off in full every month... still, charging 100-250k to your credit card in a month is a bit distressing.

[LTR]

4. AMEX does require entire amount to be paid in full each month

Still, that's a heck of a lot of spending.

Talk about elitist.

[Medusa]

5. Not anymore. Amex has a number of card options now

and yes, you can carry debt from one month to the next without having to pay it off in full anymore. So it is possible (although not a good idea) to keep a running balance with them.

[Hieronymus]

6. Certainly, Cindy does NOT run a balance on her AMEX card.

[krkaufman]

15. Based on what information? n/t

[Genevieve]

20. Of course she does.

check out my post downthread.

[krkaufman]

16. Why would it not be a good idea to carry-over a balance with AmEx, from month-to-month? n/t

[hfojvt]

28. normally because of the high interest rates

Depends on your rate though. I have borrowed money from credit card companies at 1.9% and then put that money in a six month CD and made a little bit. My favorite was when one credit card gave me 3.9% until the balance was paid off. Since my mortgage interest rate was 5.5% I borrowed something like $3,000 and paid that on my mortgage. It was like the bank was paying me 1.6% to borrow that money. Other times I carry balances with a zero percent rate for six months. Generally though, credit card rates are gonna be too high to make carrying a balance a good idea.

[krkaufman]

30. Right. And the McCain cards are mostly interest-free...

... and it seems the balances have been floating for a while.

(which *should* be problematic for a candidate decrying the VP vetters of his opponent for having received better-than-market rates)

[krkaufman]

3. 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.

[SOS]

7. So McCain is taking bribes from Amex

Nice.

And Cindy can charge her $4,000 St. John couture outfits without interest.

What a just and equitable society we live in.

[krkaufman]

11. Or just imagine how much money they could be making by investing all that money ...

... into the markets, making interest for themselves off their no-interest loans.

[hfojvt]

29. similar to countrywide though

this is something that probably every big shot gets. Even a tiny customer like myself has gotten some good deals - 1.9% for 8 months, 0% for six months. Big spenders always get good deals because the company wants to keep their business. If you spent $50,000 a year on your AMEX card, they'd give you that deal too.

In this case though, McCain is getting the deal, not because he is a Senator or a Presidential candidate, but because he is Cindy's spouse. Of course, that's how he became a Senator too.

[krkaufman]

31. I don't argue with anything you're saying ...

... except the omission that a politician should not be participating in such plans.

[ninja8590]

8. I used to do some accounting for rich people

and this is pretty standard...in fact I saw much larger credit card balances than that. It was a horrible little job I'd rather forget.

[krkaufman]

12. Right. But this rich person is a politician responsible for regulating banks ...

... and credit card companies, and one who has just this week been attacking the VP vetters of his campaign opponent for "better than market rate" loans.

[QueenOfCalifornia]

9. They pay it off

every month. Like all the brazillionaires out there.

Oprah probably has credit card debt too. Doesn't mean she is not paying the bills.

[krkaufman]

13. Actually, that's not the gist of the reporting.

*IF* they were paying it off every month, it would be less of an issue (the issue then becoming one of extreme consumption), but the reporting indicates that the credit is being carried.

[yourguide]

10. Thats nothing...you guys should check his FEC filing statements

He puts a lot of his campaign debt on amex (eg hides a lot of his expenses)

[krkaufman]

14. Wow. That would make it MUCH worse, to me.

Now those interest-free loans are campaign contributions from AmEx.

[Generic Brad]

17. That zero percent interest rate he's getting really pisses me off

:grr:
Him and his ilk should be paying the same as the rest of us. This kind of give-away should be illegal, especially when the rest of us have to struggle with interest rates that would make a loan shark blush.

[Genevieve]

18. It's not really an 'American Express' card in the sense that

most people are familiar with.

It's the AMEX Centurion Card, known as the 'Black Card'. It is interest free, and the cardholder must charge a MINIMUM annually of $250,000.

http://en.wikipedia.org/wiki/Centurion_Card

[Rosemary2205]

24. They have the green business card too that's Zero interest

[City Lights]

25. Thanks for the info, Genevieve. nt

[Genevieve]

27. Your welcome.

:-)

[Duder]

19. Republicans = borrow & spend n/t

[ShadowLiberal]

21. 0% interest rate!?! That's not right, why can't I get 0% interest rate credit cards?!?

[AP]

22. It's apparently a card for people with millions in assets who don't need a credit card

and could write a check for all their purchases, so AmEx gives you the interest free loan so that they can make the 1-3% on the transaction that they charge the seller, and they consider the card holder a safe enough risk so that they'll get the money on whatever time frame they have for paying it back.

[Rosemary2205]

23. Incorporate with at least half a million in assets.

That's really all it takes.

[greguganus]

26. I can get 0% interest rate for new cards that lasts for 6 months.

I saw a guy on the news who bought his house with no-interest introductory cards and makes his house payments to the CC companies. He transfers his balances to new no-interest cards when the introductory rate is almost up on the existing cards, so he's always chasing new no-interest card offers. I think the card offers will run out before he gets his house paid off.