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

Posted on 06/13/2008 10:54:15 AM PDT by 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.

(Excerpt) Read more at thehill.com ...


TOPICS: News/Current Events; Politics/Elections
KEYWORDS: 2008; credit; debt; mccain
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enough said.......
1 posted on 06/13/2008 10:54:15 AM PDT by Sub-Driver
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To: Sub-Driver

Peanuts to a family with their assets.

No story here.


2 posted on 06/13/2008 10:55:40 AM PDT by Jeff Chandler (Given such dismal choices, I guess I'll vote for the old guy.)
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To: Sub-Driver

Is the media expecting the McCain’s to declare bankruptcy? Have they no clue at all?


3 posted on 06/13/2008 10:55:48 AM PDT by ClearCase_guy (Et si omnes ego non)
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To: Sub-Driver
It's not his fault.

O'bama said so.

4 posted on 06/13/2008 10:55:57 AM PDT by Izzy Dunne (Hello, I'm a TAGLINE virus. Please help me spread by copying me into YOUR tag line.)
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To: Sub-Driver
These numbers really aren't relevant if they aren't put in perspective of their income. If this represents, for example, 1%-10% of their annual income, then it isn't that high. If it is, like some people, 100%+ of their income, different story.
5 posted on 06/13/2008 10:56:44 AM PDT by mnehring
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To: Sub-Driver

Is it temporary?

I’ve been in $100,000 credit card debt when I bought a trailer/rig to carry part of a rig one time. It was zero percent interest for six months, and I paid it in five.

That’s what they are for.


6 posted on 06/13/2008 10:57:12 AM PDT by TheThirdRuffian (McCain is the best candidate of the Democrat party.)
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To: Sub-Driver

John, I run a debt management company. Give me call. My office is open from 9am to 9pm Monday through Friday. Don’t let your debt take control of you.


7 posted on 06/13/2008 10:57:15 AM PDT by Big Guy and Rusty 99 (Obama - not qualified to be president or dogcatcher!)
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To: Sub-Driver
More debts than assets? I've never piled the much on my credit card! No way he'd be able to repay it from his Senate salary and his pension that kind of money. Of course, a bankrupt President doesn't look and sound good politically.

"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus

8 posted on 06/13/2008 10:57:18 AM PDT by goldstategop (In Memory Of A Dearly Beloved Friend Who Lives In My Heart Forever)
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To: Sub-Driver
Democratic candidate, Sen. Barack Obama (D-Ill.), reported no liabilities in his annual financial disclosures.

What...no off-balance sheet liabilities, Senator?

9 posted on 06/13/2008 10:57:59 AM PDT by rabscuttle385
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To: Sub-Driver

Pocket change. Otherwise known as rounding-off money. Beer heiresses and senators don’t live like the rest of us.


10 posted on 06/13/2008 10:58:16 AM PDT by Cicero (Marcus Tullius)
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To: Sub-Driver

How much of this is 0% interest for X months offers?
I carried 20-30K credit debt over the last few years without paying a penny in interest.


11 posted on 06/13/2008 10:58:46 AM PDT by parcel_of_rogues
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To: goldstategop

You do realize that they have a net worth of about $100M, right?


12 posted on 06/13/2008 10:59:10 AM PDT by ClearCase_guy (Et si omnes ego non)
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To: rabscuttle385
Democratic candidate, Sen. Barack Obama (D-Ill.), reported no liabilities in his annual financial disclosures.

Must have been filed after he unloaded one preacher and one adviser.

13 posted on 06/13/2008 10:59:51 AM PDT by gov_bean_ counter ( Who is America's George Galloway?)
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To: Jeff Chandler

I believe Cindy reported $6 million in income last year on her tax return.


14 posted on 06/13/2008 11:00:02 AM PDT by Rennes Templar ( Never underestimate the difficulty of changing false beliefs by facts.)
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To: Sub-Driver

stupid post....not even a drop in the bucket based on their current operating expenses.........


15 posted on 06/13/2008 11:01:34 AM PDT by HappyinAZ
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To: rabscuttle385

“What...no off-balance sheet liabilities, Senator?”

Just the money he owes his bookie and crack dealer.


16 posted on 06/13/2008 11:02:53 AM PDT by EEDUDE
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To: TheThirdRuffian

Amex is revolvoing credit which requires that is paid off at the end of the term.


17 posted on 06/13/2008 11:03:39 AM PDT by Perdogg
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To: Sub-Driver

This shows horrendous financial planning. You should NEVER carry a balance on your credit card if you can help it, especially if you have the means to pay it off every month.


18 posted on 06/13/2008 11:04:21 AM PDT by Swordfished
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To: Sub-Driver

Almost as bad as my daughter’s............


19 posted on 06/13/2008 11:04:31 AM PDT by Red Badger (NOBODY MOVE!!!!.......I dropped me brain............................)
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To: ClearCase_guy
His wife does. I guess John married well.

"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus

20 posted on 06/13/2008 11:05:16 AM PDT by goldstategop (In Memory Of A Dearly Beloved Friend Who Lives In My Heart Forever)
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To: Sub-Driver

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?


21 posted on 06/13/2008 11:06:11 AM PDT by Pravious
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To: Perdogg
Amex is revolvoing credit which requires that is paid off at the end of the term.

Revolving credit implies that the balance can be "revolved" or carried from one billing cycle to another. American Express charge or T&E cards require payment in full at the end of the billing cycle, while the AMEX credit cards can be revolved.

22 posted on 06/13/2008 11:06:27 AM PDT by rabscuttle385
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To: Swordfished
It depends. Its one thing to carry a small balance. This is territory most Americans don't venture into, unless they're financing a home.

"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus

23 posted on 06/13/2008 11:06:30 AM PDT by goldstategop (In Memory Of A Dearly Beloved Friend Who Lives In My Heart Forever)
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To: Red Badger

but does she have the money Mrs. McCain does? Something in the neighborhood of $40M, I believe. So $200k on an AMEX card is a piddling amount.


24 posted on 06/13/2008 11:07:19 AM PDT by K-oneTexas (I'm not a judge and there ain't enough of me to be a jury. (Zell Miller, A National Party No More))
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To: goldstategop

Is he asking for govt provided debt relief?? If not, it’s really no one’s business.


25 posted on 06/13/2008 11:07:40 AM PDT by Perdogg
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To: rabscuttle385
Not necessarily. An AMEX Green Card can qualify for monthly payment under certain conditions.

"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus

26 posted on 06/13/2008 11:07:46 AM PDT by goldstategop (In Memory Of A Dearly Beloved Friend Who Lives In My Heart Forever)
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To: goldstategop

Hillary is $20-$30 million in debt. No big deal.


27 posted on 06/13/2008 11:08:04 AM PDT by Holicheese (Hillary deserves the CMoH for her time in Tuzla!)
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To: Sub-Driver
Surely,you don't think they have an Amex card like you and I do.


28 posted on 06/13/2008 11:08:04 AM PDT by JohnLongIsland
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To: Jeff Chandler

“Peanuts to a family with their assets.

No story here.”

Agreed. Not to mention most AMEX balances get paid off in full.


29 posted on 06/13/2008 11:08:42 AM PDT by Slapshot68
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To: Sub-Driver

$100,000? Mrs. McCain probably spends and pays that off each month. What’s the big deal?


30 posted on 06/13/2008 11:08:42 AM PDT by Rebelbase
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To: Sub-Driver
I know someone with almost $300,000 in credit card debt.

And they are not even millionaires.

The McCain's are worth 10's of millions of dollars.

Their debt is peanuts for them.

31 posted on 06/13/2008 11:08:43 AM PDT by what's up
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To: rabscuttle385

Darn, Home Shopping Network!


32 posted on 06/13/2008 11:08:52 AM PDT by Dr. Ursus (( commander of the simian host))
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To: Swordfished
You should NEVER carry a balance on your credit card if you can help it, especially if you have the means to pay it off every month.

There is a reason that the British government still has consols (perpetual bonds) paying 2 percent fixed rates.

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 said, there is much psychological relief to be gained from having zero credit card debt, and if you place very high value on that, then by all means, pay it off.

33 posted on 06/13/2008 11:09:19 AM PDT by rabscuttle385
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To: Sub-Driver

That’s not the Cindy McCain I know.


34 posted on 06/13/2008 11:09:41 AM PDT by RexBeach
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To: Jeff Chandler

It is a story to all of the McCain haters here on FR who never waste another opportunity to bash McCain.


35 posted on 06/13/2008 11:09:43 AM PDT by Perdogg
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To: K-oneTexas
The newspaper reported a million dollars so between her and her husband, I guess she can manage it but 20% of your income in credit card debt isn't good even if you can pay it. Unless the income is substantially more.

"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus

36 posted on 06/13/2008 11:10:03 AM PDT by goldstategop (In Memory Of A Dearly Beloved Friend Who Lives In My Heart Forever)
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To: Holicheese
Hillary is $20-$30 million in debt. No big deal.

Hillary isn't. Her campaign is. And a lot of that is money she owes to herself. Three guesses on who gets paid by the campaigh first?

37 posted on 06/13/2008 11:10:06 AM PDT by Non-Sequitur
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To: goldstategop
Not necessarily. An AMEX Green Card can qualify for monthly payment under certain conditions.

Oooh. I did not know that, but then again, I don't have any of their charge cards, although I do have a Clear card with a balance sitting at 4 percent until payoff is complete.

38 posted on 06/13/2008 11:11:08 AM PDT by rabscuttle385
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To: rabscuttle385
There is a reason that the British government still has consols (perpetual bonds) paying 2 percent fixed rates.

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 said, there is much psychological relief to be gained from having zero credit card debt, and if you place very high value on that, then by all means, pay it off.

I was assuming 12-15% rates...but maybe multi-millionaires have low-rate credit cards, in which case, yes, treat it as just another way to move money around.

39 posted on 06/13/2008 11:12:15 AM PDT by Swordfished
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To: Swordfished

Wow..someone finally said it! Yes if you have the $$$ the McCains do....you should not have any debt.

The lengths those would go to to apologize for McCain. The GOP is doomed

I know if made 6 million last year...my debt would be ZERO


40 posted on 06/13/2008 11:13:01 AM PDT by UCFRoadWarrior (John McCain's three favorite words: Made In China)
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To: goldstategop

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


41 posted on 06/13/2008 11:14:12 AM PDT by Philly Nomad
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To: UCFRoadWarrior

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.


42 posted on 06/13/2008 11:14:46 AM PDT by John W (Hawkins)
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To: K-oneTexas
But does she have the money Mrs. McCain does?

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

43 posted on 06/13/2008 11:15:12 AM PDT by Red Badger (NOBODY MOVE!!!!.......I dropped me brain............................)
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To: Sub-Driver

Not a story. This is puffed up nothing.


44 posted on 06/13/2008 11:15:19 AM PDT by Clara Lou (~sigh~ '08)
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To: Perdogg

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


45 posted on 06/13/2008 11:15:40 AM PDT by Moose4 (http://moosedroppings.wordpress.com -- Because 20 million self-important blogs just aren't enough.)
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To: Sub-Driver
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

46 posted on 06/13/2008 11:16:23 AM PDT by MinuteGal (Stay Home in Nov. For More Taxation, Regulation, Litigation, Ginsburgization and Obamination)
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To: Izzy Dunne

Good one


47 posted on 06/13/2008 11:16:56 AM PDT by ncpatriot
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To: Sub-Driver

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


48 posted on 06/13/2008 11:16:58 AM PDT by Old Flat Toad (Pima county- Home of the single vehicle accident with 40 victims.)
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To: Red Badger
Now, Dad!

Sounds familiar. I have four daughters ... I've lived through that, still am.
49 posted on 06/13/2008 11:17:03 AM PDT by K-oneTexas (I'm not a judge and there ain't enough of me to be a jury. (Zell Miller, A National Party No More))
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To: Jeff Chandler

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


50 posted on 06/13/2008 11:18:13 AM PDT by Brilliant
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