Michael Kinsman Gives Credit Card Debt Insights to WalletHub

Michael Kinsman, emeritus professor of finance and accounting at Pepperdine Graziadio, gave commentary on credit card debt in the United States to accompany WalletHub’s study about the states with the highest and lowest credit card debts. While Americans owed over $1 trillion in credit-card debt at the beginning of 2022, Kinsman explains there’s nothing inherently wrong with debt. The issues come when the debt is unintended and unconsidered. “If a person puts together a budget —a plan — for an amount of spending that is appropriate and lives by that plan, credit card debt should not be a problem,” Kinsman said. 

Kinsman goes on to explain how the average person amasses credit card debt when it is worth it to go into debt, how to become debt free, and how to prepare for unexpected events, like the COVID-19 pandemic.

You can read the full article at WalletHub here.