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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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To: Sub-Driver
Contrasted with their wealth, that's chickenfeed.

Cindy McCain Had $6 Million Income in 2006

51 posted on 06/13/2008 11:18:17 AM PDT by ravingnutter
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To: Sub-Driver

Hey Johnny Mac?

What’s in YOUR wallet?


52 posted on 06/13/2008 11:18:30 AM PDT by mkjessup (Obama-flakes! = Little suntanned Jimmy Carters with twice the empty rhetoric , from DNC cereals!)
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To: Izzy Dunne

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


53 posted on 06/13/2008 11:19:38 AM PDT by Brilliant
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To: Sub-Driver
BFD.

What a bunch of morons...

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

It's called "business travel."

54 posted on 06/13/2008 11:20:34 AM PDT by Cobra64 (www.BulletBras.net)
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To: mkjessup

pesos...


55 posted on 06/13/2008 11:21:56 AM PDT by AuntB (Vote Obama! ..........Because ya can't blame 'the man' when you are the 'man'.... Wanda Sikes)
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To: Sub-Driver
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.

56 posted on 06/13/2008 11:23:23 AM PDT by KayEyeDoubleDee (const Tag &referenceToConstTag)
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To: Moose4
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

57 posted on 06/13/2008 11:24:40 AM PDT by EarthBound (Ex Deo,gratia. Ex astris,scientia (Who the hell do I vote for now?))
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To: Pravious
“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.

58 posted on 06/13/2008 11:26:17 AM PDT by Beagle8U (FreeRepublic -- One stop shopping ....... Its the Conservative Super WalMart for news .)
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To: Non-Sequitur

Hmmm, let me think!


59 posted on 06/13/2008 11:27:02 AM PDT by Holicheese (Hillary deserves the CMoH for her time in Tuzla!)
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To: rabscuttle385
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%.
60 posted on 06/13/2008 11:29:33 AM PDT by absolootezer0 ( Detroit: we're so bad, even our mayor is a criminal)
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To: absolootezer0
i'd gladly continue to pay 6% on money if i'm using the money to make 10%.

I can understand the rationale there. But I'd rather not be paying a mortgage and have all that money I would be paying out to it available to me as quickly as possible.

61 posted on 06/13/2008 11:31:54 AM PDT by EarthBound (Ex Deo,gratia. Ex astris,scientia (Who the hell do I vote for now?))
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To: Swordfished
This shows horrendous financial planning.

No, it shows that a $100,000 debt, and the interest it incurs, is peanuts to somebody worth many millions, and not worth worrying about.

62 posted on 06/13/2008 11:33:04 AM PDT by Minn (Here is a realistic picture of the prophet: ----> ([: {()
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To: Sub-Driver

McCain’s not my favorite, but this story is lame. It’s not like they’re declaring bankruptcy or saying they can’t pay their bills! I swear, 24/7 news is one of the WORST things that’s happened to truth and relevance. All their crap just filling up space.


63 posted on 06/13/2008 11:37:46 AM PDT by mancini
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To: mnehrling

Doesn’t sound like very prudent cash flow management to me.


64 posted on 06/13/2008 11:37:58 AM PDT by DManA
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To: EarthBound

“a fan of Dave Ramsey”

I am and I love being weird! ;-)


65 posted on 06/13/2008 11:38:36 AM PDT by CSM (Hey if a small tax increase didn't work, a bigger tax increase should not work even BETTER!)
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To: Sub-Driver

The man is on the campaign trail and they pull this crap? He probably hasn’t had cash in his pocket in years, a couple of cards and he is set almost anywhere he goes for any amount he needs. With the kind of assets they are sitting on this is so much BS even on a slow news day.


66 posted on 06/13/2008 11:39:12 AM PDT by Abathar (Proudly posting without reading the article carefully since 2004)
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To: K-oneTexas

Well, I’m NOT gonna bail her out. She made her mess, now she has to live with the consequences................


67 posted on 06/13/2008 11:40:03 AM PDT by Red Badger (NOBODY MOVE!!!!.......I dropped me brain............................)
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To: Jeff Chandler

I agree. Cindy is extremely wealthy; this amount is nothing to her. In fact, I thank her for paying finance charges on this amount; it contributes to our economy and is another example of how the rich usually pay in more by spending more.


68 posted on 06/13/2008 11:43:09 AM PDT by fightinJAG (RUSH: McCain was in the Hanoi Hilton longer than we've been in Iraq, and never gave up.)
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To: Sub-Driver
See my #46.

The wealthy never carry money. Their underlings take care of paying the monthly payment every month.

Unlike us, the wealthy carry large balances. Sometimes the wealthiest are the best business people in the world. That's why they're wealthy.

If Cindy McCain buys a $50,000 suite of furniture, it goes on the credit card. The credit card companies love customers like this.

The Queen of England also never carries cash money, either, even a hanky. That's why she and other royal queens have ladies-in-waiting trailing them everywhere they go.

You never, ever see Hillary carrying a purse, ever. She doesn't even carry germ-ridden, commoner cash in her bra to tip waitresses with.

Like the Queen she has a lady-in-waiting, Huma, trailing her everywhere she goes to take care of the mundane chores of life like handling plebian money out in the market place.

Leni

69 posted on 06/13/2008 11:43:21 AM PDT by MinuteGal (Stay Home in Nov. For More Taxation, Regulation, Litigation, Ginsburgization and Obamination)
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To: Sub-Driver

I think they can afford it.


70 posted on 06/13/2008 11:44:16 AM PDT by Tribune7 (How is inflicting pain and death on an innocent, helpless human being for profit, moral?)
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To: Sub-Driver
Is that the McCains' personal debt or is the AmEx for Mrs. McCain's business. Often a bank will not give a business a credit card. Sure, they'll print the business name on the card but the owner has to sign for it personally. If this card was signed for personally then it has to be reported by Sen. McCain as a personal debt in financial disclosures.

There might even be a lot of people at the beer company with access to this account so business purchases can be made quickly rather than having to get a purchase order or write a check.

71 posted on 06/13/2008 11:44:36 AM PDT by KarlInOhio (the Clinton dream of being a two impeachment family goes right down the drain. - Letterman)
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To: goldstategop

Cindy’s maiden name is Coors. As in the beer.

Don’t be worrying about the McCain family coffers any time soon.


72 posted on 06/13/2008 11:44:43 AM PDT by fightinJAG (RUSH: McCain was in the Hanoi Hilton longer than we've been in Iraq, and never gave up.)
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To: Jeff Chandler

Peanuts to a guy used to pissing away $billions of tax payer dollars in a single afternoon.


73 posted on 06/13/2008 11:45:01 AM PDT by DManA
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To: Sub-Driver
On one hand he has a wife that cranks up 100 gs on her charge card.

OTOH, he has a wife that can crank up 100 gs on her charge card. LOL.

74 posted on 06/13/2008 11:45:42 AM PDT by Tribune7 (How is inflicting pain and death on an innocent, helpless human being for profit, moral?)
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To: HappyinAZ; Sub-Driver

I agree that this amount is not even a drop in the bucket, but I don’t agree that it’s a stupid post. I think it’s always an education to keep apprised of what the media, and particularly the political media, is trying to pin on a candidate.


75 posted on 06/13/2008 11:46:28 AM PDT by fightinJAG (RUSH: McCain was in the Hanoi Hilton longer than we've been in Iraq, and never gave up.)
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To: fightinJAG
Cindy’s maiden name is Coors. As in the beer.

No it isn't. Her maiden name is Hensley, as in the largest Budweiser distributor in the west.

Bud, not Coors.

76 posted on 06/13/2008 11:46:32 AM PDT by NeoCaveman (El Conservo Tribe, tribal name "Avoids Fort Marcy Park". We are so screwed.)
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To: Sub-Driver
Credit card debt is an agreed debt....compare that to Hitlery's $21 million.

Odds are that the McCains will pay their CC debt, while folks waiting for money from Clinton........

77 posted on 06/13/2008 11:46:59 AM PDT by Churchillspirit
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To: Sub-Driver

This is a frivolous article. I never carry cash. All my utilities and all purchases are charged to either American Express or Master Card and are paid off each month, interest free.


78 posted on 06/13/2008 11:47:12 AM PDT by LucyT (What happens in Denver won't stay in Denver... August 25 - 28, 2008)
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To: fightinJAG

point well taken


79 posted on 06/13/2008 11:48:01 AM PDT by HappyinAZ
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To: Sub-Driver

He can always cross the isle one more time and tell Obama he’ll conceed the election for the good of America if he’ll just make him VP and pay his bills.


80 posted on 06/13/2008 11:48:49 AM PDT by TexasCajun
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To: Sub-Driver

These are figures required for FEC filings. I’d venture those were ‘debts’ at the time of the filing. It isn’t to say they are debts that haven’t been or won’t be paid.


81 posted on 06/13/2008 11:50:09 AM PDT by EDINVA (Proud American for 23,062 days.... and counting!)
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To: Pravious

As I said, I thank them for paying interest on this amount. Obviously, it doesn’t put a dent in their assets and, for the rest of us, it is another way for the rich to contribute to the economy. It’s all good!

As for why people who can pay put charges on credit cards? Because it’s convenient and easy and creates an automatic record of their expenditures; they can also, for example, put a “staff member” on an account, who can then do certain shopping/tasks for them and pay it, but with accountability because there is a record of who/what/when/how much that comes to the major account holder.


82 posted on 06/13/2008 11:50:32 AM PDT by fightinJAG (RUSH: McCain was in the Hanoi Hilton longer than we've been in Iraq, and never gave up.)
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To: Holicheese

Good point!


83 posted on 06/13/2008 11:51:17 AM PDT by fightinJAG (RUSH: McCain was in the Hanoi Hilton longer than we've been in Iraq, and never gave up.)
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To: Rebelbase

Yep. Apparently Britney Spears, for example, used to go and plunk down a CC to buy a $100,000+ Mercedes or whatever on a regular basis. I remember one news story where Spears’ car was towed for some reason and within a few hours she had simply bought a new one.


84 posted on 06/13/2008 11:53:15 AM PDT by fightinJAG (RUSH: McCain was in the Hanoi Hilton longer than we've been in Iraq, and never gave up.)
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To: Sub-Driver

$100,000.00? Mere pocket change for the McCains.


85 posted on 06/13/2008 11:55:38 AM PDT by Paperdoll ( on the cutting edge)
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To: KarlInOhio

Another thing is the perks that AMEX gives now.

With $100,000+ credit line, which may be monthly spending for the business, you can do a lot with the rewards points.

My wife and I use an AMEX for our business expenses and get week long vacations at some of the top hotels in the world, all from points.

Read this for options with AMEX.
http://flyertalk.com/forum/forumdisplay.php?f=410


86 posted on 06/13/2008 11:56:57 AM PDT by Gvl_M3 (Sometimes, you have to stand up for yourself, even if it doesn't look "Compassionate.")
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To: fightinJAG

Its nice at the end of the year getting the statement for the business card and everything is in a neat row and catagory.
Lets see, $500 office supplies, $1000 Beer, $5000 new hockey equipment...


87 posted on 06/13/2008 11:57:27 AM PDT by Holicheese (Hillary deserves the CMoH for her time in Tuzla!)
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To: Swordfished

Wasn’t he running his campaign off his credit card for a while? Could be something to do with screwy election rules, like why Hillary didn’t end her campaign, just suspended it.


88 posted on 06/13/2008 11:58:51 AM PDT by antiRepublicrat
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To: goldstategop

>His wife does. I guess John married well.<

I think most Johns do. I married two of them. :o)


89 posted on 06/13/2008 12:03:52 PM PDT by Paperdoll ( on the cutting edge)
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To: Sub-Driver
Just another Obama newsletter called the The Hill running another of its series of McCain hit pieces . There real busy there peddling Obama press releases as news.Did you catch the other tired hit piece which declare a huge scandal that the Repubs like Chuck Hagel and Ron Paul and Congress Davis ( NC - the anti war nut) did not support Mccain !
90 posted on 06/13/2008 12:15:35 PM PDT by ncalburt
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To: Sub-Driver

So what? Think of all the membership rewards points she’s racking up!

As long as they pay their bills on time, it’s their business.


91 posted on 06/13/2008 12:16:57 PM PDT by SandyInSeattle (Some people are like slinkys, the idea of them tumbling down a flight of stairs makes you smile.)
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To: Sub-Driver

Without knowing how the McCain’s run their finances, I would assume that this is their way of using someone else’s money for free for 30 days. They can use that 100-200k during the month to invest and collect interest for themselves, then pay their credit debts before they start paying interest on them.


92 posted on 06/13/2008 12:17:16 PM PDT by Skenderbej
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To: Holicheese

Exactly!

I do like having the CC company keep most of my records for me.


93 posted on 06/13/2008 12:20:27 PM PDT by fightinJAG (RUSH: McCain was in the Hanoi Hilton longer than we've been in Iraq, and never gave up.)
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To: NeoCaveman

My bad!

When does football season start again?


94 posted on 06/13/2008 12:21:28 PM PDT by fightinJAG (RUSH: McCain was in the Hanoi Hilton longer than we've been in Iraq, and never gave up.)
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To: fightinJAG

I was wrong. Cindy is related to Bud, not Coors.

Anyway. She’s rich and not only in suds.


95 posted on 06/13/2008 12:22:21 PM PDT by fightinJAG (RUSH: McCain was in the Hanoi Hilton longer than we've been in Iraq, and never gave up.)
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To: Sub-Driver

Not enough info. Are they paying credit-card interest on this $100,000? Or are they paying off the balance before credit charges accrue? If the latter, they’re just getting free use of the money for 30 days.


96 posted on 06/13/2008 12:22:24 PM PDT by ozzymandus
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To: Holicheese

P.S. The CC company also calls me if they think someone may be ripping me off. I’d think that’d be an even more valuable service if I were rich and had cards that I authorized the nanny, the driver and so on to use for various purposes related to being on my staff.


97 posted on 06/13/2008 12:25:07 PM PDT by fightinJAG (RUSH: McCain was in the Hanoi Hilton longer than we've been in Iraq, and never gave up.)
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To: Paperdoll
I think most Johns do. I married two of them. :o)

You married your johns?

98 posted on 06/13/2008 12:28:05 PM PDT by Minn (Here is a realistic picture of the prophet: ----> ([: {()
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To: ozzymandus

As I read the article, it said that they had 100,000 in liabilities. No actual outstanding debt. It may be they have cards that equal the amount of credit of available funds to them. It is hard to know which is which.

I know that when I apply for anything, they always ask for all of my available credit limits are.


99 posted on 06/13/2008 12:35:05 PM PDT by JBCiejka
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To: Minn

:) Very funny!


100 posted on 06/13/2008 1:06:47 PM PDT by Paperdoll ( on the cutting edge)
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