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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Kavanaugh carried $200,000 in credit card debt for a decade, until his debts magically vanished in 2017. That debt, not including mortgage, tuition, country club fees, sometimes exceeded his annual household income. Its enough to disqualify and applicant for the FBI or CIA.[/quote]

Sheesh I wish people would stop with this $200k in debt crap.  Let me explain it again...the financial disclosure form has check boxes on it, with ranges for the amount owed.  He listed four accounts - three credit cards and a home equity line of credit.  For each of the accounts, he checked the box that indicated that the amount of indebtedness was "$15,000 to $50,000."  The media keeps reporting that he disclosed "between $60k and $200k" in debt.  There is no way to know from the disclosure whether in fact he owed a total of $60k or a total of $200k, or something in-between.  The forms also require you to indicate based on indebtedness "at any time" during the reporting period.  Take a look at 12 months of your own credit card activity?  What was the most you ever owed at one time?  That's the box you check.  I make about the same as Kavanaugh, and I can easily see how my accounts could add up to similar amounts, even though I pay every account in full at the end of every month.  Even credit card accounts paid in full are still reported at their high water mark.

In any event, your statement that he "carried $200k in credit card debt for a decade" is untrue.[/quote]

We have a similar HHI and have never come close to having 60K in credit card debt.  And he had large amounts year after year after year.

Also his explanation that he somehow got into this debt buying Nationals tickets is completely cockamamie.[/quote]

Did you even read what I posted above?  Have you ever charged more than $10,000 in one month (like paying for a cruise or plane tickets or something like that)and then paid it off?  That's reportable.  Did you ever pay for a remodeling job using a heloc, and then pay it off from liquidated investments?  That's reportable.  And yes, have you ever charged tickets to an event like a concert or a banquet (or a sporting event!!!), and your friends paid you back?  That's reportable![/quote]

from fed disclosure:
"The reporting rules for revolving charge accounts, such as credit card balances, are different from all other liabilities.  You do not have to report credit card debt if you paid off the debt before the close of the reporting period.  For a Nominee, New Entrant or Candidate report, the reporting period ends on the date on which you file the report."

that says you do NOT post cc debt if (like you) you're paying it off each month.

sure, maybe every single year his filing date fell before every cc's payment deadline came due, I suppose.  but your premise that you have to report highest balance even if you paid it off before incurring interest is incorrect in a couple different ways.

https://www2.oge.gov/Web/278eGuide.nsf/Content/FAQs~FAQs:+Liabilities[/quote]

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