Recent Supreme Court Nominee, Brett Kavanaugh, may be the next to sit on the most important court in America, but he is also like many others who will never have the chance.
According to a recent report by CNBC1, Kavanaugh, who was nominated by President Donald Trump to be the next Supreme Court Justice, disclosed $60,000 to $200,000 in credit card debt.
The debt, which no longer appears in 2017, according to his required disclosures, was attributed to season tickets to the Washington Nationals baseball team, according to The White House.
No matter the reason, Kavanaugh’s trouble with credit card debt shows that nearly no one is immune to racking up a large amount themselves.
Here are a few tips to keep yourself from falling into the same type of credit card perils:
1. Focus on saving an emergency fund: Many people use credit cards for emergency purposes. The problem is, if the balance isn’t paid off within the first month, finance charges can begin to pile up and make that initial purchase much more expensive. Saving up an emergency or rainy day fund can allow you to pay for these types of emergency situations without having to rely on credit cards to do so.
2. Avoid buying things you can’t afford: This is a tried and true method of staying out of debt. If you can’t afford to purchase the item with cash, don’t buy it with a credit card.
3. Pay off your balance each month and don’t miss payment dates: Using a credit card responsibly is important to keeping finance charges at bay. If you’re not able to pay off your balance each month and are having trouble even making credit card payments, it’s time to stop using them altogether.
4. Understand the signs of relying too much on your credit card: Per number 3, are you not able to pay off your balance and not making payments on time? If so, it’s time to know that you’re at a point where you need to make immediate changes to stop from getting into even deeper trouble.
5. Limit the number of cards you have: It’s easy go to your second credit card if you’ve maxed out your first. But, that’s a very financially unhealthy thing to do. Cut down the number of credit cards to one, and maybe even zero, if possible.
While it may be somewhat comforting to know that high profile people have credit card problems just like the rest of us, it’s still important to know that getting into deep trouble with debt can be a quick and slippery slope.
Opinions expressed in the article are those of the author and are not necessarily those of Raymond James. All opinions are as of this date and are subject to change without notice. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Raymond James financial advisors do not render advice on legal matters. You should discuss any legal matters with the appropriate professional.