McCain, wife owed $225,000 in credit card debt

[nana_356 0]

Senators John McCain and Barack Obama released their Senate financial disclosure statements on Friday, revealing that Mr. McCain and his wife had at least $225,000 in credit card debt and that Mr. Obama and his wife had put more than $200,000 into college funds for their daughters.

The bulk of the McCains’ obligations stemmed from a pair of American Express credit cards that are held in Cindy McCain’s name. According to the disclosure reports, which present information on debts in a range rather than providing a precise figure, Mrs. McCain owed $100,000 to $250,000 on each card.

Another charge card, held by what was described as a “dependent child,” had also accumulated debts of $15,000 to $50,000. In addition, a credit card held jointly by the couple was carrying $10,000 to $15,000 in debt, the filing indicated, at a stiff 25.99 percent interest rate.

http://www.msnbc.msn.com/id/25154267/

[SMB x2 0]

Does this actually matter? I'm guessing campaigns cost millions, and so they've got a credit card debt which reflects having that sort of money.

Unless I'm missing something which, being a Brit, is entirely likely

Stu

[mawilson 2,133]

Does this actually matter? I'm guessing campaigns cost millions, and so they've got a credit card debt which reflects having that sort of money.

I think the argument is, "if they can't keep their own spending under control, how can they be

trusted with the federal budget"?

[Mr. Big Dog 10,747]

Looks like very "smart" money management, eh?

[SMB x2 0]

I think the argument is, "if they can't keep their own spending under control, how can they be

trusted with the federal budget"?

It's all relative. How much personal debt do you have? Before I cleared it, mine stood at a quarter of my yearly salarly, and it wasn't through mismanagement, just circumstance. I don't know McCain's monetary position, but if he sees millions going through his bank accounts yearly, that debt seems reasonable and in proportion.

[mendeleev 67]

Since the McCain's refuse to disclose their federal tax returns, unlike most all recent serious presidential candidates, we can't really know too much about their situation, except that apparently they are quite rich.

[Fandango 1,439]

I think the argument is, "if they can't keep their own spending under control, how can they be

trusted with the federal budget"?

It's all relative. How much personal debt do you have? Before I cleared it, mine stood at a quarter of my yearly salarly, and it wasn't through mismanagement, just circumstance. I don't know McCain's monetary position, but if he sees millions going through his bank accounts yearly, that debt seems reasonable and in proportion.

Excellent point.

[diadromous mermaid 36]

Furthermore, unless it is an American Express credit card with a revolving line, is it really debt? AE cards that don't have a CL require the balance to be paid off in full each month.

[MrsCat 6]

Does this actually matter? I'm guessing campaigns cost millions, and so they've got a credit card debt which reflects having that sort of money.

I think the argument is, "if they can't keep their own spending under control, how can they be

trusted with the federal budget"?

Thanks for that Mawilson - cause I was really missing what the point was

Now it would be really interesting to know what they spent it on: like dirty magazines, rent by the hour motel rooms, and size 11 heels for Obama to prance around the house in . . . . . now that would be headlines.

[Hilarious Clinton 452]

This proves that Cindy is a true American.

[MrsCat 6]

[Trompe le Monde 1,107]

maybe they're just after the points/frequent flier miles

[Amby 490]

This proves that Cindy is a true American.

[Trumplestiltskin 5,791]

Does this actually matter? I'm guessing campaigns cost millions, and so they've got a credit card debt which reflects having that sort of money.

I think the argument is, "if they can't keep their own spending under control, how can they be

trusted with the federal budget"?

I don't buy it. Bad with money or no - its not as though they themselves would be personally setting the budget.. They have hordes of economic advisors to do the "dirty work".

[Sylvia_n_Joseph 3]

Does this actually matter? I'm guessing campaigns cost millions, and so they've got a credit card debt which reflects having that sort of money.

I think the argument is, "if they can't keep their own spending under control, how can they be

trusted with the federal budget"?

Thanks for that Mawilson - cause I was really missing what the point was

Now it would be really interesting to know what they spent it on: like dirty magazines, rent by the hour motel rooms, and size 11 heels for Obama to prance around the house in . . . . . now that would be headlines.

Maybe they know more than you give them credit for. Use Amex get a nice traceable bill, maybe rack up some points or some such thing and with Amex you pay it off each month. You think someone like that is going to run around with 300k in cash ? If they can get the US so it can pay off the balances each month then good for them

I would rather trust someone with the ability to have that kind of wealth than someone with no real history at all.