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 ...
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?
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.
"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
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.
Is he asking for govt provided debt relief?? If not, it’s really no one’s business.
"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
Hillary is $20-$30 million in debt. No big deal.
“Peanuts to a family with their assets.
No story here.”
Agreed. Not to mention most AMEX balances get paid off in full.
$100,000? Mrs. McCain probably spends and pays that off each month. What’s the big deal?
And they are not even millionaires.
The McCain's are worth 10's of millions of dollars.
Their debt is peanuts for them.
Darn, Home Shopping Network!
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.
That’s not the Cindy McCain I know.
It is a story to all of the McCain haters here on FR who never waste another opportunity to bash McCain.
"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
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?
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.
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.
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
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