HuffPo followup on McCain CC debt... cards are Interest Free!!

[krkaufman]

A requisite followup read at HuffPo, regarding the "McCain credit card debt" story...

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.

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

I look forward to the M$M following up on this story, and holding McCain to the standard he's setting for Obama.

[napi21]

1. Do we know if they are the std. AMEX green cards? If they are,

everybody's is interest free. You are however expected to pay them in full every month. It wouldn't shock me if he had an exceptional deal. I've received lots of "interest free for 6 months" or "interest free for 6 months" offers. If cc's are offering those deals to the general public, I'm POSITIVE the are offering them to congressmen too! I don't have a problem with asking him about these deals, but I think we should get the facts first before we make accusations. It doesn't sound out of line to me that people who are worth millions spend a LOT of $$ each month...especially if you're traveling the country campaigning.

[blondeatlast]

7. One report said they had the very exclusive, very ritzy "black" card.

There's a number of upgrades from the green.

[krkaufman]

8. I would agree, except for the fact that the McCain's are NOT John and Jane Q. Public

McCain is directly involved in credit card regulation, and that level of floating interest-free loans is a conflict of interest.

[williesgirl]

2. And every one of us who has Amex cards should be calling screaming about this to them. rec'd

[Overseas]

3. Of course John Sidney McCain III gets special treatment.

He comes from status and he married status.

[libnnc]

4. Oh well THAT is interesting

makes this a bit different...

hmmmm...

[blondeatlast]

5. Fiscal responsibility, my ass. Here's the "money" shot, so to speak:

Zero-percent credit card interest rates are not exclusively for the rich or well-connected, of course. But the most common offers of that kind are often capped at a few-thousand dollars and shed their zero percent rate after six to nine months.

According to the May 15, 2008 disclosure form, though, during 2007 Cindy McCain originated an individual debt of between $250,000 and $500,000 with a zero-percent interest AmEx that was still not paid off by the time of the time of that filing.

[krkaufman]

10. Yep. That's the "(or more)" to which I referred.

I can't begrudge people for taking advantage of what is offered, but McCain's being a politician -- and especially one so *supposedly* upright and conflict-free -- makes this a special case.

[blondeatlast]

6. Doesn't he get to keep leftover campaign money (if there is any)?

They live between some pretty ritzy abodes here in AZ, all three owned by Cindy alone. They wouldn't want to have to sell in this market, now would they? (actually, luxury homes in AZ are still doing reasonably well, of course).

Just curious... :shrug:

[Rosemary2205]

9. DUH

http://www201.americanexpress.com/sbsapp/FMACServlet?request_type=LearnMore&bos=b&ct=64&eep=16004

[libnnc]

11. What business does McCain own

DUH?

[Rosemary2205]

13. I doubt there's a rich person in this country that hasn't "incorporated"

The tax code and banking laws encourage it.

[libnnc]

14. Just another example of how the McCains

are MILES away from average Americans

DUH

[Rosemary2205]

17. I doubt

America would elect one of the little people. At best, we'll elect someone who's family was at one time a little people and the potential POTUS managed to break through into the elite. We just hope he'll remember to reach back and bring us up toward his economic direction.

[krkaufman]

12. It's not about what the average (wealthy) person can do ...

... it's about what Mr. Clean's purported conflict-free image, and attempts to paint him as one of the regular people. This level of interest-free debt poses a conflict issue for someone who's supposed to be regulating the credit card industry.

As for the link you posted, do you have a specific point or are you looking for a commission from my signing-up for a card?

[Rosemary2205]

16. snort

Do you have any idea how SMALL $100,000 is to someone like the McCains? Yes, this is certainly useful for reminding people that Grandpa is the uber elite and once again only give a flying lick about his own kind, the rest of us can go beg for a pair of bootstraps. It's good campaign fodder because it WILL work, even if factually it's a little irrelevant.

[krkaufman]

18. Again, it's about conflict of interest for McClean ...

... and the hypocrisy of McCain's criticism of Obama's VP vetters this last week.

[MidwestTransplant]

15. So a VP vetter got favorable loans and it's a big deal. A candidate gets interest free loans and

we should care? I am confused.

[krkaufman]

19. Nothing to see here. Move along.

My apologies.

[eppur_se_muova]

20. Chicanery from McCainery? Say it isn't so!

I am sudden all come over with the vapors! :swoon: