This was reported over the weekend, but I didn’t want any of my readers to have missed it, so I’m posting it here tonight. John McCain, his zillionaire wife, and a “dependent child” of theirs (what?) owe *at least* $250,000 dollars in credit card debt, according to the Senate personal finance report he just filed.
Talk about fiscal responsibility. Way to stimulate that economy!
It’s not as though they’re going bankrupt — they have millions in Budweiser cash — but I still think it’s funny. And according to this graph I just found on Google, credit card debt tends to increase with age, so maybe that’s the issue (thanks, I’ll be here all week.)
Barack Obama, by contrast, has no debt and he and his wife have put away over $200,000 dollars for the college education of their two young daughters.
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BFD, This could be paying for a kitchen remodel of a month’s spending and in either case it may be payed of monthly. These peeps are very wealthy, and 250k is pocket changed. Do you think they have more than Obama’s college savings in the bank? I think so. If all the taxes, fees, upkeep and insurance for the houses goes on one credit card it could be this kind of coin. Like I said BFD guys. Who Cares?
You poke fun at our countries financial situation, speaking of “fiscal responsibility” yet you don’t even know what this chart is for. It’s from the Justice Department and well, here’s the intro.
“In this article, we describe how credit card debt is distributed among different characteristics of chapter 7 no-asset debtors: their location, age, gender and marital status, family size and gross income. We also tease out what we can about the relationship between credit card and medical debts. Our analysis is based on 5,203 no-asset non-business chapter 7 cases that were closed between 2000 and 2002. We only included bank-issued credit card debt (e.g., Visa MasterCard, Discover, etc.). Credit card debt for individual stores, which averages $2,917 per case in our population, was not included.”
This is average debt for people who filed for bankruptcy. So the fact you said they’re not going bankrupt makes this chart completely irrelevant. Also, the McCains and not “no-asset debtors”. So please do a better job. This stuff never disappears.
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