A New York Times article reports on a recent financial disclosures by the candidates:
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.
Credit card debt. This twenty-four-year-old who isn't vying to be in charge of one of the richest countries in history knows better than to keep a balance on a piece of plastic charging more interest than I could ever expect to earn. One of their cards charges 25.99% interest. I've heard of cases where it makes sense, or is necessary, to use credit cards... but never $225,000 worth. When you have assets in the tens of millions of dollars. But maybe they have a good explanation.
And, I think it's interesting that the Obamas are saving for their daughters' educations so early and so aggressively- though, I'd expect it's something they keenly know the cost of since they only recently paid their own college debts off. I don't think it's a bad idea, especially since they have the money available from Mr. Obama's book royalties.
Here's hoping our student loans will be paid off this fall. Sooner, if I get a big book deal. :-P