Skip to comments.Liberal defenders of the poor still fascinated with Scott Walker’s credit card debt
Posted on 08/04/2015 5:38:33 PM PDT by SeekAndFind
I suppose Scott Walker is still polling a little too well for the comfort level of liberal commentators. If that weren’t the case, one wonders if they would still be so obsessed with the financial situation of one of the least wealthy candidates for the presidency. But since this tired story is being whipped up for another lap around the campaign track, let’s check in on the latest financial burdens being discussed around the kitchen table in the Walker household. (National Journal)
Gov. Scott Walker has two credit-card debts of more than $10,000 apiece on separate cards and is paying an eye-popping 27.24 percent interest rate on one of them, new federal financial documents disclosed on Monday show.
The Republican presidential candidate has cast himself as both a fiscal conservative leader and a penny-pinching everyman on the campaign trail, often touting his love of Kohl’s, the discount department store. His newly published financial disclosure shows that, like many Americans, Walker has few assets, some major debts (including more than $100,000 for student loans for his children), and a punishing interest rate on his credit-card obligations.
Walker incurred one credit-card debt with Barclays in 2014, according to the financial disclosure form, and owed between $10,000 and $15,000 at a 27.24 percent interest rate as of July 2015. Most financial advisers recommend shedding credit-card debt as quickly as possible, especially when paying interest rates that high.
Completely aside from the political knives being unsheathed in this story line, I would offer a suggestion to Scott Walker; get a different credit card. I’ve seen (and received) plenty of offers for credit cards with those astronomical rates but they go straight in the trash because there are far better deals out there. We currently have two cards. One long time family account has an interest rate which is currently just barely above ten percent. (It’s from USAA, by the way, in case you’re interested in looking into one.) The rate used to be higher – though never anywhere near that high – but they reward members with lowered rates over the years for on time payments and other “good customer” factors. I do have another one that’s closer to 18%, but that’s only used for business travel or vacation and is paid off each time it’s used before any interest is charged. Honestly, I only have it because it’s tied to my travel rewards program and I get points for using it.
In either case, Walker could probably do a lot better than the rate he’s paying. The other possibility is that he might have gotten behind on his payments at some point. Many cards have ugly little provisions in their terms of service where they can skyrocket your interest rate if you miss even a single payment. If that happened, it’s hard to say what other options might be available to the governor.
More curious is the implication in the left side coverage of this story that having that debt burden somehow casts doubt on Walker’s bona fides as a fiscal conservative. He’s not a rich guy and never has been. He’s paying off huge student loans for his kids, a mortgage and, yes, he has some credit card debt. That’s not an ideal situation, but don’t you think that it’s one that many, many Americans can relate to, particularly in the middle of the Obama economy? If Walker is managing his debt, taking care of his family and handling his responsibilities that sounds like far more of a positive than a negative to me.
Bonus coverage: The National Journal article couldn’t resist dropping in this nugget.
His carrying of high-interest credit-card debt makes Walker the second major candidate with some eyebrow-raising personal finances. Earlier this year, rival Sen. Marco Rubio, also among the less-well-off politicians in the field, reported cashing out one of his retirement accounts, another move not recommended by many financial professionals.
Well, at least Rubio isn’t renting out his handsome brick driveway yet.
He really likes his job, but it only pays $21,700 a year. Last year he tried to maintain a budget, but spent $16,500 over his income, running up his cards on his past debt.
He now owes over $165,000 on his credit cards.
But he is trying and has a new austere budget, where he has cut $40.00 from his budget for next year.
Damn, you mean Scott Walker can relate to many Americans under Obamanomics?
Horror of horrors.
Wtf is a cpf
Paying over 20% on a credit card? Not impressed by the personal financial acumen.
I think Scott could get a better card and do a balance transfer. As long as he is paying his bills on time - this really is his business. Maybe his wife likes to live beyond their means - who knows? I’m surprised he doesn’t have a Kohl’s credit card, but maybe he is using one of his credit cards to shop there. Has he written a book yet? He needs to do that asap - it would bring in some additional, well-needed funds for the Walker household. He could write about his fight with the public unions.
Just a WAG, but Close Personal Friend?
I wonder what the liberals think about Walker giving a big chunk of his governor’s salary back to the State of Wisconsin?
I know his wife wasn’t happy...
I checked by the way, and the salary Walker gets is $144,423 a year. That does not include all the perks that go with the job, the expense accounts and whatnot.
OK, it's not a king's ransom but plenty enough to live a solid middle class lifestyle in Wisconsin.
It would be like hiring a 400 pound out-of-shape slob to be your weight loss coach.
In response to the greed and corruption prevalent in the Milwaukee County Executives office prior to his election Walker promised during his campaign to return $60,000.00 a year of his salary back to Milwaukee County. And he did.
“Walker has foregone $375,070 in salary since being elected county executive in 2002 — $5,070 more than what he has claimed during the gubernatorial campaign.”
Walker is also in debt for his two son’s student loans to the tune of over $100,000.00. That debt would have an effect on the interest rate charged by the credit card companies. Walker took on his two son’s education as a personal obligation without looking for a government handout.
CPF = Close Personal Friend
Liberals want it both ways. Either way, a conservative Pubbie is going to be criticized
If he was as brilliant as Hillary Clinton, he’d be able to turn a $3,000 investment into $100,000.
If he was as brilliant as Terry McAwful, he’d be able to turn $100,000 into $17,000,000.
Very often someone can stink in one realm, same area, and shine in another.
Ronald Reagan was an awful parent, but a fantastic president. One of the best, in fact. There's only so much of "us" to go around, and he gave himself to the people.
Likewise, Walker may not be the best at his home financial budget, but look at the State of Wisconsin.
To make the tie here is, I believe, simplistic in the extreme and at odds with the facts.
Is that the Democrat side talking? Our candidates must be defect free while the Dems get to be wasteful, walking killers.
Yes, but Ronald Reagan wasn’t running to be our national parent. So his parenting skills were irrelevant..
He did great with Wisconsin and his elections, re-elections.
His personal financial issues actually lead me to trust him more. He hasn’t looked for all the creative ways many politicians (all Democrat/Socialist/Communist and RINOs) use to build personal wealth. i.e. corruption
Has Scott Walker’s influence on Wisconin’s budget and economy been a net positive or negative? Ergo, Scott Walker’s personal finances are completely irrelevant to his stewardship of a large economy.
“Paying over 20% on a credit card? Not impressed by the personal financial acumen.”
Neither am I.
My concern here is that Walker has apparently mismanaged his own finances - owing that much, and at that interest rate, while earning almost three times the average household income in his state.
Anyone who can’t manage their own money shouldn’t be allowed anywhere near mine.
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