RFK Jr.’s Massive Credit Card Debt and What It Means for Everyday Americans

In a surprising financial disclosure, Robert F. Kennedy Jr., recently nominated by former President Donald Trump for Secretary of Health and Human Services, revealed that he holds between $610,000 and $1.2 million in credit card debt. This revelation, made in January 2025 as part of his Senate confirmation process, has sparked discussion about financial habits—even among the wealthy.

Despite having an estimated net worth of $30 million, Kennedy’s financial records indicate that he carries this debt at interest rates ranging between 23.24% and 23.49%. Experts note that such high-interest credit card debt is unusual for someone with significant financial resources. Ted Rossman, a senior industry analyst at Bankrate, described Kennedy’s debt load as massive, underscoring the financial risk of carrying high-interest credit card balances. Carolyn McClanahan, a certified financial planner, questioned why someone with significant income would rely on credit cards to such an extent.

While Kennedy’s credit card debt is extreme, he is not alone. In 2024, total U.S. credit card debt reached $1.17 trillion, with rising inflation prompting even high-income earners to rely on credit cards. A study found that 59% of individuals earning more than $100,000 carried long-term credit card debt, with nearly a quarter of them holding balances for over five years. Matt Schulz, chief credit analyst at LendingTree, noted that credit cards have become an emergency financial tool as inflation reduces disposable income. Lower-income Americans often use them for essentials, while wealthier individuals may use them for convenience or luxury spending.

Kennedy’s financial situation raises a key question: How long would it take for him to pay off his credit card debt? Financial experts estimate that if he owed the lower end of the reported range—$610,000—he could pay it off in 15 months with monthly payments of $50,000, but it would cost him approximately $93,000 in interest. If his debt were closer to $1.2 million, paying it off would take 33 months, with an astonishing $434,000 in interest payments.

Financial planners strongly advise against carrying such high credit card balances, especially when lower-cost borrowing options exist. Charlie Douglas, a certified financial planner, recommends that wealthy individuals establish lines of credit or maintain substantial cash reserves rather than relying on high-interest credit cards. This advice applies to people of all income levels—paying off credit card balances quickly can prevent significant financial strain due to excessive interest costs.

Many assume that the ultra-wealthy avoid using credit cards entirely, but luxury credit cards, such as the American Express Centurion Card (commonly known as the Black Card), provide access to exclusive benefits. These include concierge services, airport lounge access, and elite hotel perks, making them a tool for convenience rather than for borrowing. However, financial professionals generally warn against using credit cards as a financing solution when better alternatives are available.

Despite his hefty credit card debt, Kennedy’s nomination to lead the Department of Health and Human Services has advanced to a full Senate vote. His financial challenges serve as a reminder that credit card debt can affect individuals at all income levels. Experts stress that paying off high-interest credit card balances as quickly as possible is crucial to avoiding unnecessary financial strain.

For everyday Americans, Kennedy’s situation underscores the importance of managing credit card debt wisely. Whether dealing with a few thousand dollars or hundreds of thousands, prioritizing repayment and being mindful of interest rates can lead to greater financial security. By taking control of their financial decisions, individuals can avoid costly mistakes and better manage their personal finances.