For posting all the anonymous reactionary bullshit that you can't post anywhere else.
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-What level of treatlerism are you on? - Idk, eating bananas out of season. - Check this out
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62% of high-income earners of over $300,000 a year in the 🇺🇸 United States 'still struggle with credit card debt', according to a survey by BHG Financial. linky
Besides general mismanagement of funds, there’s two things I can think of that would cause this: student loans (as high income jobs correlate to high education levels) and large mortgage/rent payments (as high income jobs correlate with being in high housing cost areas).
How would student loans or a high mortgage make you go into credit card debt? Especially with such high income.
Mind you, having a $300k income now doesn’t mean that person always had a high income. They could’ve been making minimal payments on their student loans for years and the interest was accumulating. On mortgages, interest rates are up, private equity snatching up real estate has driven up prices, and if the homeowner puts little down then the monthly payments will be big. Both of those can add up to, putting a lot into loan repayments and then using the credit cards to cover the gap and then juggle those balances.
Mind you, that still puts them in a much better position than lower income earners as once they get those costs under control and paid off, they still have a high income job and a ton of equity in the house to fall back on.
They just eat into the monthly budget. So discretionary spending limits are impacted