Robert F. Kennedy Jr., nominee for Health and Human Services secretary, has disclosed carrying up to $1.2 million in credit card debt, sparking discussion about financial responsibility among high earners. Experts advise against relying on credit cards for ongoing expenses due to high interest rates and emphasize prioritizing debt repayment.
Robert F. Kennedy Jr. , who is in the running to serve as Health and Human Services secretary, revealed he was carrying up to $1.2 million in credit card debt in recent financial disclosures.As inflation has picked up, more Americans have turned to credit cards for financial wiggle room.
"He has a lot of income, so I don't even know why you'd have all that debt if you have that much income," said Carolyn McClanahan, a certified financial planner and founder of Life Planning Partners, who reviewed Kennedy's filing.For all consumers — from the ultra-wealthy like Kennedy with an estimated $30 million net worth, to lower earning households — experts say it's best to stay away from ongoing credit card debt.
If he pays $50,000 per month on a $1.2 million balance, it will take 33 months to pay off and cost roughly $434,000 in interest. "If you're paying down credit card debt at 20%, that's a guaranteed risk-free, tax-free return," Rossman said. "You're unlikely to get that much from your investments."
CREDIT CARD DEBT ROBERT F. KENNEDY JR. HEALTH AND HUMAN SERVICES INFLATION FINANCIAL PLANNING
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