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

The Hill ^

[Sub-Driver]

McCains report more than $100,000 in credit card debt By Kevin Bogardus and Manu Raju Posted: 06/13/08 10:20 AM [ET] 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.

[Philly Nomad]

But he fits in well with the last 8 years...

[John W]

People also go to great lengths to bash him. This is a non-story. A one-time view of a credit card balance tells you absolutely nothing.

[Red Badger]

But does she have the money Mrs. McCain does?

No, but she spends plastic like it's "free money"...........

[Clara Lou]

Not a story. This is puffed up nothing.

[Moose4]

Not always. I had a normal everyday Amex that would allow normal “pay over time” expenses if the purchase was large enough. I had to put $3,200 of vehicle repairs on it when my wife got stranded in Atlanta a couple years ago. The interest rate was not good (about 19%), and, well, let’s just say that here I am two years later dealing with the collections agency because Amex was the one card I had that wouldn’t play nice with the credit counseling people. Fortunately their balance will be gone in five more painful months, and I can start to throw that money at the rest of my cards and make some good progress.

}:-)4

[MinuteGal]

This is so dumb. The McCains are on the campaign trail and they undoubtedly put whole slews of things on the credit cards while they're on the road travelling here and there across the country.

The McCain campaign treasurer and staff sorts out the expenses every month as to what is personal and what are official campaign expenses and then things are allocated to their proper slots accordingly.

The media is so slavering that it writes about everything and anything, trying to put a bad spin about any and all Republicans. Breathing rhythms of GOP candidates will undoubtedly be the next subject of a 5000-word article by some media jerk.

Leni

[ncpatriot]

Good one

[Old Flat Toad]

Get used to it. By the time this election comes to vote, McCain won’t be able to take a dump without the media reporting now bad it will be

[K-oneTexas]

Now, Dad!

Sounds familiar. I have four daughters ... I've lived through that, still am.

[Brilliant]

That’s the story though. Your average guy can’t afford to run up $100K in credit card debt.

[ravingnutter]

Contrasted with their wealth, that's chickenfeed.

Cindy McCain Had $6 Million Income in 2006

[mkjessup]

Hey Johnny Mac?

What’s in YOUR wallet?

[Brilliant]

Exactly... McCain is a victim of these evil credit card companies. They should be required to cancel his debt.

[Cobra64]

BFD.

What a bunch of morons...

I've run my Amex up to $35k on any given month.

It's called "business travel."

[AuntB]

pesos...

[KayEyeDoubleDee]

Everyone on this thread seems to be overlooking the obvious explanation: McCain ran up this debt when his campaign was out of money last fall, and campaign finance laws forbid Cindy from paying it off for him [just like they forbade TuRAYzuh from paying off Kerry's debt].

If that's the case, and if his campaign still hasn't raised enough money to pay off his debts from last fall, then he really is doomed.

[EarthBound]

You sound like you may be a fan of Dave Ramsey, if not, I'll bet you could become one! The man has been there and back, having gone bankrupt with a young family, now he has a highly successful radio show, several books, and a show on Fox Business Network. I listen to him every day after work, especially Fridays... that's when he has people who have succeeding in paying off all debt (excluding or including house) to call in and scream about being debt free. Inspiring!

Homepage

[Beagle8U]

“Why would people who make as much money as the McCains have any CC debt at all? Do they enjoy paying interest they don’t have to, for some reason? Or does money just mean that little to them, since they’re rolling in it?”

Who says they pay any interest at all? Cindy makes over 6 million a year. If she spends 100k a month on her CC it would show that every month even if it was paid off each month. John has about 10-15k on his and he likely spends that each month on his CC. Its no big deal. Some people don't carry cash or write checks.

[Holicheese]

Hmmm, let me think!

[absolootezer0]

If you have balances at low, fixed rates below 8 percent, obviously, be prepared to pay them off at any time, but otherwise, it's stupid from a financial standpoint to pay them off just because you can. You are better off allocating the funds towards more productive uses.

that's why i laugh at people that say things like "if i ever win the lotto, fist thing i'll do is pay off my house"
why? maybe pay it down partway, get a low interest rate mortgage and invest the money. i'd gladly continue to pay 6% on money if i'm using the money to make 10%.