Skip to comments.McCains report more than $100,000 in credit card debt
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 wifes 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 ...
Hey Johnny Mac?
What’s in YOUR wallet?
Exactly... McCain is a victim of these evil credit card companies. They should be required to cancel his debt.
What a bunch of morons...
I've run my Amex up to $35k on any given month.
It's called "business travel."
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.
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.
Hmmm, let me think!
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.
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.
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.
Doesn’t sound like very prudent cash flow management to me.
“a fan of Dave Ramsey”
I am and I love being weird! ;-)
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.
Well, I’m NOT gonna bail her out. She made her mess, now she has to live with the consequences................
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.
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.
I think they can afford it.
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.
Cindy’s maiden name is Coors. As in the beer.
Don’t be worrying about the McCain family coffers any time soon.
Peanuts to a guy used to pissing away $billions of tax payer dollars in a single afternoon.
OTOH, he has a wife that can crank up 100 gs on her charge card. LOL.
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.
No it isn't. Her maiden name is Hensley, as in the largest Budweiser distributor in the west.
Bud, not Coors.
Odds are that the McCains will pay their CC debt, while folks waiting for money from Clinton........
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.
point well taken
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.
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.
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.
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.
$100,000.00? Mere pocket change for the McCains.
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.
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...
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.
>His wife does. I guess John married well.<
I think most Johns do. I married two of them. :o)
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.
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.
I do like having the CC company keep most of my records for me.
When does football season start again?
I was wrong. Cindy is related to Bud, not Coors.
Anyway. She’s rich and not only in suds.
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.
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.
You married your johns?
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.
:) Very funny!
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