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U.S. Circuit Judge Brett M. Kavanaugh looks on as U.S. President Donald Trump introduces him as his nominee to the United States Supreme Court during an event in the East Room of the White House July 9, 2018 in Washington, DC.
While it’s unknown exactly how much debt Kavanaugh carried — the form only requires that filers report the amount in ranges — or what interest rate Kavanaugh paid, even the low end reported ($60,000) is a liability that could cripple many households.
The average interest rate on credit cards is nearly 17 percent. Using that rate: If you paid off $60,000 over, say, three years by making monthly payments of $2,139, you’d pay about $17,000 in interest. In other words, that original $60,000 would cost you $77,000.
If the debt was $200,000 — the potential high end that Kavanaugh carried — and you paid it off over three years with monthly payments of $7,130, the interest paid would be more than $56,000.