John and Cindy McCain have a joint credit card with Chase bank with a balance of between $10,000 to $15,000 and they are paying 25.99% on it. That hit me like a ton of bricks, why would the McCain’s be paying a penalty rate of 25.99% unless they had missed payments, had some recent credit problems or had a bad credit score?
According to the low rate credit card section of this site, Chase is currently offering a credit card at 10.49%.
On the same page of their financial disclosure form you can see that Cindy McCain has two American Express cards, each with balances between $100,000 to $250,000. Now that is a lot of unsecured credit card debt.
The financial disclosure form for presidential candidate Senator Barack H. Obama showed that he had no liabilities over $10,000 to report. And yet Senator Obama is the one pushing for a Credit Card Bill of Rights and more disclosures and protections for American consumers from unfair and unreasonable credit card company practices. If he is elected and has an opportunity to enact those protections it would help to protect John McCain from the penalty rate he is paying on his credit card.
It appears that Barack Obama has a very good grasp on the problems faced by people in America today that are carrying credit card debt. An article in the Chicago Sun-Times reveled a number of comments that Senator Obama made regarding credit card debt.
“For too long, credit card companies have been using unfair and deceptive practices to trick Americans into signing agreements they can’t afford,” Obama said. I agree.
Obama said he knew only too well how easy it was to get caught by deceptive credit card deals: “In the interest of full disclosure, I’ve gone through this. I’ve had credit cards.” Wouldn’t it be nice to have a President that actually lived through credit card debt and cares about all the consumers in financial pain?