Robert F. Kennedy Jr.'s financial disclosure reveals significant credit card debt, prompting discussions about financial responsibility and the impact of rising inflation on indebted Americans.
Robert F. Kennedy Jr. , a candidate for Health and Human Services secretary, disclosed carrying up to $1.2 million in credit card debt in recent financial filings. The debt ranges between $610,000 and $1.2 million, with interest rates from 23.24% to 23.49%. Financial experts, upon reviewing Kennedy's filing, expressed surprise considering his estimated $30 million net worth. They generally advise against carrying ongoing credit card debt, regardless of income level.
While credit card usage has increased among Americans grappling with rising inflation, experts emphasize the importance of avoiding long-term debt. Carolyn McClanahan, a certified financial planner, highlighted that credit cards should not be relied upon as a primary financial safety net. Matt Schulz, chief credit analyst at LendingTree, noted that inflation has significantly reduced financial flexibility for many, leading them to view credit cards as a last resort.Kennedy's disclosures provide a snapshot of his financial standing and don't reveal whether he pays off his balances in full each month. Experts suggest that accelerating the paydown of these balances would be prudent to minimize interest costs. They recommend prioritizing debt repayment over other financial goals like investing or saving, especially with such high interest rates. Bankrate's research indicates that higher-income individuals are more likely to carry long-term credit card debt, potentially due to higher credit limits. While wealthy borrowers may benefit from certain credit card perks, experts generally advise exploring alternative borrowing methods like lines of credit for large purchases such as real estate
Finance ROBERT F. KENNEDY JR. CREDIT CARD DEBT HEALTH AND HUMAN SERVICES INFLATION FINANCIAL RESPONSIBILITY
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