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 ...
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.
Good point!
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.
http://flyertalk.com/forum/forumdisplay.php?f=410
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.
Exactly!
I do like having the CC company keep most of my records for me.
My bad!
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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