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.
First of all, you've got to love the part about the Obamas, with a net worth of 1/10 of that of the McCains, managing to put away $200,000 for their daughters' college expenses. You know, fiscal responsibility and all that. Second of all, why the hell is a couple with a net worth of over $100 million paying an interest rate of over 25%? Make a few late payments there, perhaps? Think that deadlines and rules don't apply to you, perhaps? And what are you teaching your child when you allow her to rack up $15,000-50,000 in credit card debt?
With Americans piling up credit card debt by the thousands in an ultimately vain attempt to sustain their standsard of living, and credit card debt being the next debt crunch to hit us, it's hard to take John McCain seriously as a beacon of financial responsibility when his own financial house is such that he's paying over 25% interest on six figures of credit card debt.
(h/t: John Cole)
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