It’s always interesting to find out that high-profile and seemingly successful individuals actually have debt problems. This is especially true when the individual is Wisconsin Governor Scott Walker.
Last month, The Daily Beast reported that Gov. Walker is currently facing some serious debt, including up to $50,000 owed to Sears.
The report was based on Walker’s most recent financial disclosure forms, which showed that he owes between $10,000 and $100,000 on credit cards, including a Sears MasterCard.
The information has been used against Walker by political opponents, but what it truly signifies is that credit card debt is widespread and can happen to anyone.
A spokesperson for Walker’s Our American Revival PAC told The Daily Beast in an email that Walker “has two kids in college, parents who live with him, a mortgage, car payments, and small credit card use,” which she called “pretty ordinary stuff.”
As you can see, Walker appears to be racking up debt in the same ways that many Wisconsin residents do.
However, if Walker and others who use credit cards aren’t careful, they could end up in over their heads with debt. With credit cards, a small amount of debt can easily turn into an unmanageable amount of debt because of the high interest rates that often apply.
As we discussed last month on our blog, a recent survey indicated that credit card debt in the U.S. increased by 47 percent in 2014 alone, and it is expected to increase by at least another five percent in 2015 to $60 billion.
Credit card debt is one of the main reasons people file for bankruptcy, which is another financial situation that any Wisconsin resident can find him or herself in, including Gov. Walker if he is not careful.