RFK Jr. Reveals Shocking $1.2 Million Credit Card Debt – Glimpse into Americans' Worsening Debt Crisis?

Robert F. Kennedy Jr., President Donald Trump’s Health and Human Services Secretary-designate, has revealed in financial disclosures that he carries up to $1.2 million in credit card debt.

His balances, ranging between $610,000 and $1.2 million, are charged at high interest rates of 23.24% to 23.49%, reports CNBC.

While Kennedy’s financial situation may seem extraordinary, experts reportedly say high credit card debt is not limited to the wealthy.

Credit card balances across the U.S. have surged to a record $1.17 trillion in 2024, with many consumers, including high-income individuals, relying on credit to manage expenses amid rising prices, CNBC adds.

Matt Schulz, chief credit analyst at LendingTree, points out to CNBC that credit cards have become a “de facto emergency fund” for many Americans as inflation squeezes their budgets.

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Financial experts emphasize that carrying high credit card balances is costly, CNBC writes. If Kennedy were to pay off his debt at $50,000 per month, it could take up to 33 months to pay off the $1.2 million balance, incurring approximately $434,000 in interest.

In an interview to CNBC, Ted Rossman, senior analyst at Bankrate, calls Kennedy’s debt “truly massive” but also highlights that with significant income, such debt is puzzling.

For average consumers, the average credit card debt per borrower stood at $6,380 in 2024, with an interest rate of 20.13%, CNBC adds.

Experts suggest accelerating debt repayment to reduce the burden of interest, which can quickly accumulate.

Reducing credit card debt, they advise, is crucial to financial health — for both the wealthy and everyday Americans.

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