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

The Hill ^

[cquiggy]

“In his most recent book, “The Audacity of Hope,” Barack Obama describes the financial trouble he faced after losing a 2000 race for a seat in the U.S. House of Representatives. He said that the campaign’s demands “had left me more or less broke,” and he described difficulty renting a car when in Los Angeles for the 2000 Democratic National Convention because his credit card was initially rejected.”

Obama accused Republican John McCain of siding with the credit card companies by supporting a bankruptcy bill that Obama opposed. (The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 made it more difficult for Americans to escape their debts through bankruptcy protection. McCain called the bill “an important step toward a fair and balanced approach to restoring personal responsibility to our federal banking system.”

Part of this credit card debt could be because McCain is nice enough to leave tips as he makes stops on the campaign trail. I wonder what Hillary and Barack Hussein’s credit card bills look like.

[bootless]

The Amex Net 30 cards also have a revolving component (Flex Pay or whatever) to it. You can have charges over a certain amount automatically transfer to the revolving line, or do it yourself.

Can you imagine the rewards points they’re racking up?

Also, if they checked his credit reports, Amex will report the entire balance, billed and unbilled.

[Joan Kerrey]

So, what’s the story here? Who cares how much is racked up on a credit card if they are paid off regularly and before interest kicks in. I’ve racked up thousands on mine. It means nothing. How you pay means something and that seems to be missing in this story.

[bootless]

Three guesses on who gets paid by the campaigh first?

Not the caterers and various vendors.

[PhatHead]

I know this is not the main topic of the article, but did anybody else notice this:

"Obama reported between $50,001 and $100,000 in pensions from his work as an Illinois state legislator..."

Seven years in the Illinois State Senate gets you a pension between 50 and 100K?! And there are liberal bloggers questioning McCain's Navy pension/disability payments?

[Marathoner]

Seven years in the Illinois State Senate gets you a pension between 50 and 100K?!

Yep, that's how we do it here in the People's Republic of Illinois.

Sickening, isn't it?

[lexusppd]

Wrong, you should ALWAYS carry a balance for as long as possible on your credit cards as long as the debt is interest free.

I currently have about $6500 on 3 cards which I used to buy new furniture, kitchen appliances and a few odds and ends. All of it is interest free and payable over 36 to 60 months. Why in the world would I take my money out of investments where it is earning money and give it to them when I have no minimum payments and zero interest?

[lexusppd]

If you had any economic savvy you would know about the rule of “OP” Whenever possible use Other Peoples money and most especially when the money is FREE, iow no interest attached to principle repayment.