62% of people with salaries over $300,000 a year struggle with credit card debt

A new study from BHG has uncovered a surprising truth: 62% of high-income earners—those making over $300,000 annually—are still dealing with credit card debt. This finding disrupts the widespread assumption that earning a six-figure salary ensures financial stability.

It’s easy to assume that crossing the six-figure threshold means you’re financially secure. But the reality tells a different story. Despite their sizable paychecks, many high earners remain financially stretched. A key reason? Lifestyle creep. As income grows, so do spending habits—upgraded homes, luxury cars, lavish vacations. These added expenses, combined with unexpected costs and rising tax burdens, can quickly erode financial breathing room.

The belief that a high income automatically builds wealth doesn’t hold up when daily expenses balloon in parallel. Bigger mortgages, car payments, private school fees, and the pressure to sustain a high-consumption lifestyle can push even wealthy individuals into debt.

On top of that, broader economic pressures like inflation, tax hikes, and surprise expenses can further destabilize finances. Without careful budgeting and long-term planning, even those with high earnings can find themselves living paycheck to paycheck.

It’s a sobering reminder: financial struggle isn't just a low-income issue—it affects people across the economic spectrum.