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.
McCain's wife also has a second American Express charge card listed on the senator's financial disclosure that was carrying $100,000 to $250,000 in debt.
Another charge card with American Express, this one for a “dependent child,” is carrying debt in the range of $15,000 and $50,000.
There's more from the Huffingtonpost. Keep in mind that this is the race where the Democrat is being portrayed as the arrogant elite while the Republican is being portrayed as the maverick independent. From Huffington:
But not all credit card debts are created equal. In fact, according to a prior disclosure form filed in May that was provided to The Huffington Post, a significant amount of the McCains' credit card debt is being held by American Express at an interest rate of zero percent -- making their debt a lot less like the costly credit card pitfalls facing many Americans and a lot more like the big sweetheart loans that can get national political figures in hot water. (Sen. Barack Obama's first choice to head up his vice presidential search committee resigned this week after a controversy emerged over a favorable mortgage he received from Countrywide, a key player in the current housing crisis.)
Zero-percent credit card interest rates are not exclusively for the rich or well-connected, of course. But the most common offers of that kind are often capped at a few-thousand dollars and shed their zero percent rate after six to nine months.
According to the May 15, 2008 disclosure form, though, during 2007 Cindy McCain originated an individual debt of between $250,000 and $500,000 with a zero-percent interest AmEx that was still not paid off by the time of the time of that filing.
According to the same article at the Hill.com:
Democratic candidate, Sen. Barack Obama (D-Ill.), reported no liabilities in his annual financial disclosures.
Gee, I wish I could go hundreds of thousands of dollars in debt to American Express (at zero percent interest), wouldn't you?
The rules are just different for the wealthy. Take a look at this interesting tidbit from the weekend. Remember all the trouble George H.W. Bush got into years ago when he didn't know the price of a loaf of bread? He looked out of touch (and he was). Take a look at this:
MARTIN WISCKOL: I’d like to ask you a couple questions suggested by voters here. They’re not reporter-type questions.
JOHN MCCAIN: Sure. It’d be a pleasure.
MARTIN WISCKOL: When was the last time you pumped your own gas and how much did it cost?
JOHN MCCAIN: Oh, I don’t remember. Now there’s Secret Service protection. But I’ve done it for many, many years. I don’t recall and frankly, I don’t see how it matters.
I’ve had hundreds and hundreds of town hall meetings, many as short a time ago as yesterday. I communicate with the people and they communicate with me very effectively.
How much MORE out of touch could someone be? He's got tens of thousands of dollars in debt at zero interest and he can't remember the last time he pumped his own gas or how much it cost when he did.