It must be nice to be so rich that you carry over a quarter million dollars of credit card debt without it being of much concern to you. Maybe I’m not rich enough to get the good cards, but aren’t you supposed to pay your AMEX bill every month?
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.
At least McCain is consistent about one thing. He likes paying interest on staggering debt.
Well AMEX has one that you don’t have to pay off every month. We have a ton of CC debt too and it’s not cool… 🙁
Even on the green amex card you can carry a debt, purchases over $200.00,which has made someone I know run up a debt of $18,000 in about 2 years. It slides the items (over 200.00) off the monthly payment so you don’t notice that your debt is mounting.
I personally gave up credit cards from the age of 30 till only recently and I am 65 (I now have one card and it’s amex blue, revolving). Best thing I did.
What the hell is she buying to run up that much debt?
And why the hell don’t they just pay this thing off? They have the money..
that’s why they’re rich.
Between my freshman and sophomore years in college, I had a job at the ritziest men’s store in Chattanooga. The shop was actually started by John T Lupton (of the Coca-Cola Luptons) as a sort of hobby so he wouldn’t have to go to New York to get his suits.
Every well-to-do family on both mountains – Lookout and Signal – had an account. And damn near every one of them was always in arrears. I remember talking to the accountant about it. He said he was constantly on the phone to these people (or their house servants) trying to get the accounts paid. If he was lucky, they might send $5 or $10 a month.
Couldn’t cut them off because the shop wouldn’t have any customers. Lupton didn’t care because it was a tax write-off anyway and all these folks were his friends – the right kind of people, you understand. The rich are not like you and me.
Heh…Mr. Nature grew up on Signal…
Cindy McCain’s net worth is placed at $100 million there abouts. I’m certain AMEX is not worried. And, it depends on the date of the filing, perhaps before the cards were settled mandating CC debt be included.
It’s having a couple of drinks and then logging onto Amazon.
I guess the weirdest thing is why anyone with assets like the McCains would pay credit card interest rates on at least $225,000.
It’s not the debt itself that’s telling here, it’s the management of such…
And they go beyond his bills…He’s an utter failure as a candidate.
There’s nothing Democratic about the Republicans. Their “winner take all” system is really manipulated by the back room boys. In the primaries, each candidate was vetted and pitched. Finally, some decided to use McCain as a figurehead (given his age and almost psychotic belief that he deserves the presidency) while at least some others figured that since they were going to lose anyway they shouldn’t “waste” a promising young candidate like Romney on a lost cause.
But many, many local republicans are realizing that not only will McCain lose, but he’s going to be a disaster down-ticket because many are planning to stay home and some are going the direction of Barr.
Who’d like to lay a bet that McCain discovers a non-fatal but significant health reason to back out in August? And then gets bundles of money in some non-job for his efforts?