Newt Gingrich's Interesting No-Interest Tiffany's Loan

tylerdee

(166 posts) Send PM | Profile | Ignore

Tue May-24-11 01:40 PM
Original message

Newt Gingrich's Interesting No-Interest Tiffany's Loan

This past Sunday, Bob Schieffer, host of CBS's "Face the Nation" program, grilled Gingrich over disclosures he had owed a "revolving charge" account with Tiffany and Co. somewhere between $250,001 and $500,000. (On federal public disclosure forms, public officials need only disclose the range of amounts owned or owed.)

Gingrich added: "It's a standard, no-interest account."

Must be nice to be Newt.
I wish I didn't have to pay interest on my credit cards.
Full Article

Printer Friendly | Permalink | | Top

Mz Pip

(1000+ posts) Send PM | Profile | Ignore

Tue May-24-11 02:02 PM
Response to Original message

1. I've seen this kind of thing advertized

Car dealerships often offer 0% interest for car loans for a certain amount of time. I've seen the same for furniture stores, too.

It wasn't the 0% interest that raised my eyebrows; it was the fact that they spent that much money on jewelry. I guess even if I had that kind of money I wouldn't be spending it on jewelry. Art maybe, but not jewelry.

Printer Friendly | Permalink | | Top

KansDem

(1000+ posts) Send PM | Profile | Ignore

Tue May-24-11 02:04 PM
Response to Reply #1

2. I received a "no interest" offer for a major credit card.

Edited on Tue May-24-11 02:08 PM by KansDem

...just last week.

"0%" from now to March, 2012. Then it goes to 22.9%.

Thought I might use it to pay down or off my other charge cards. But I don't want to get caught with a balance come next March!

Printer Friendly | Permalink | | Top

yellowcanine

(1000+ posts) Send PM | Profile | Ignore

Tue May-24-11 02:09 PM
Response to Reply #2

6. Don't forget the balance transfer fees. Also send in payments well in advance

of the due date. It is when the bank credits the payment to the account that matters, not when they receive it. One late payment and you could be paying the 22.9% right NOW.

Printer Friendly | Permalink | | Top

KansDem

(1000+ posts) Send PM | Profile | Ignore

Tue May-24-11 02:15 PM
Response to Reply #6

7. Thanks!

I'll keep your pointers in mind! :hi:

Printer Friendly | Permalink | | Top

IggleDoer

(601 posts) Send PM | Profile | Ignore

Tue May-24-11 02:08 PM
Response to Reply #1

5. He says that he was being frugal

Maybe he buys his wedding rings in bulk.

Printer Friendly | Permalink | | Top

Mopar151

(1000+ posts) Send PM | Profile | Ignore

Tue May-24-11 02:15 PM
Response to Reply #1

8. They eat the interest instead of a rebate or $$$offf

Markup on jewelry is f'n insane (100-400%) - Tiffanny's is still makin' plenty boodle. If I wuz stinkin' rich, I'd lease the stuff, not buy it.....

Printer Friendly | Permalink | | Top

Old and In the Way

(1000+ posts) Send PM | Profile | Ignore

Tue May-24-11 02:05 PM
Response to Original message

3. Like it being a no interest account makes it OK.

It makes it ridiculously worse. I saw that and I was amazed that this so-called savvy politician would utter something so stupid. It's not like this wasn't reported days before he was on FTN.

I've read speculation on the internets that he could have used this as a vehicle to launder money. Hope there are some enterprising reporters looking into this.

Printer Friendly | Permalink | | Top

pacalo

(1000+ posts) Send PM | Profile | Ignore

Tue May-24-11 02:48 PM
Response to Reply #3

9. Bob Scheiffer thought so, too. He continued asking about it during the interview

until he got a satisfactory answer. Newt's face had that deer-in-the-headlights look but finally said he had paid it off. But $500,00 on jewelry, Scheiffer continued on. Newt finally said it was his personal business. But you're running for president & you would be running the Treasury, snapped Scheiffer.

Then Lawrence O'Donnell (where I saw the clip) showed some footage of Newt telling another interviewer that when one runs for public office, everything in that person's life should be scrutinized.

Printer Friendly | Permalink | | Top

yellowcanine

(1000+ posts) Send PM | Profile | Ignore

Tue May-24-11 02:06 PM
Response to Original message

4. "standard, no-interest account" There is nothing "standard" about a no-interest

account, unless you are talking about one of those introductory offers from a credit card company loaded with caveats, fine print, and balance transfer fees (which actually is "interest" paid up front). Oh and be one day "late" with a payment - by the way the bank counts what is "late" - it is when they credit the payment to the account - NOT when they receive it - and see just how much real interest you get to pay.

Printer Friendly | Permalink | | Top

southernyankeebelle

(1000+ posts) Send PM | Profile | Ignore

Tue May-24-11 03:01 PM
Response to Original message

10. Didn't surprise me. Rich get rich by scratching each others back. How do you think they stay so

rich.

Printer Friendly | Permalink | | Top

DU AdBot (1000+ posts)

Fri May 10th 2024, 02:25 AM
Response to Original message

Advertisements [?]

Top

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators

Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.