4 credit card debt relief options high earners can pursue now

CBS News

18-07-2025

Think a high six-figure salary protects you from racking up credit card debt? You may want to think again. While it's easy to assume that earning more results in wealth accumulation, not debt accumulation, it turns out that credit card debt can be an issue for nearly every type of earner. Case in point? A recent BHG study shows that 62% of high earners — categorized in this case as those earning $300,000 per year or more — still struggle to keep their balances under control, defying the myth that a high income equals financial security.
So, why do even top earners get stuck in the debt cycle? Well, there are numerous reasons for it, but in large part, the issue boils down to two words: lifestyle creep. For many high earners, as paychecks grow, so do the expenses, from bigger homes and luxury cars to private school tuition and lavish vacations. Add in other factors, like higher tax brackets and sticky inflation, and suddenly that hefty paycheck doesn't stretch nearly as far as you'd expect. And, without strategic planning, large financial obligations and easy access to credit can leave even high earners living paycheck to paycheck.
That doesn't have to be the case, though. If you're earning a high salary, there are targeted debt relief strategies you can use to crush your credit card debt for good.
Find out what credit card debt relief options are available to you today.
The following credit card debt relief options may be worth considering if you're earning a high salary:
Debt consolidation lets you roll multiple high-rate credit card balances into one fixed-rate loan, and pursuing this path now could help the right borrower save significant amounts on interest charges. After all, the average credit card rate is closing in on 22%, just under a record high, meaning that the compound interest charges can rack up quickly, but the average personal loan rate is closer to 12%. So, swapping out your high-rate card debt for a loan with a rate that's 10 points lower can be a good move.
And, because the average high-income earner has both a hefty spending capacity and a credit score of 774, which is categorized as "very good," they can generally qualify for loans with top rates that are large enough to cover six-figure balances. That makes debt consolidation worth serious consideration if you're a high earner, as this move can translate into hundreds or thousands of dollars in saved interest per year.
Learn how the right strategy could help you get out of debt for good.
If you qualify for a 0% APR balance transfer offer, you can move your high-rate debt to a single card and focus on paying off what's owed without being charged interest for a period of 12 to 21 months or more. And, because high earners are often given access to higher credit limits due to their higher salaries, this route can be a great way to get rid of your debt without more interest charges accruing.
Given today's high average credit card APR, taking advantage of the opportunity to wipe out interest may be particularly compelling. Doing so could save you thousands of dollars worth of interest charges, provided that you pay off what's owed during the promotional period. Just remember that once the promotion expires, the full rate kicks in, so paying off the balance during the initial period is key.
Another way to get some relief from your credit card debt is to simply pick up the phone and ask your issuer for a lower APR. High earners with strong payment histories often have more leverage in these conversations than they realize. Card issuers want to retain reliable, profitable customers, after all, and if you're carrying a large balance, they may agree to reduce your rate to keep you from moving your debt to a competitor.
While a lower rate won't erase your credit card debt, it can significantly reduce the cost of carrying it as you work toward paying it off faster. For example, if you're currently paying 22% interest on a $50,000 balance, negotiating even a modest reduction to 16% could save you hundreds of dollars each month on interest charges.
High earners often juggle complex financial situations between bonuses, stock options, equity compensation and income taxes. But a good advisor can parse through that complexity to create a tailored debt-payoff plan. For example, redirecting a bonus or stock sale toward high-rate debt can deliver huge returns if done strategically.
Working with a debt coach can help curb lifestyle creep by keeping you accountable and adjusting habits so rising income doesn't mean rising spending. This route may not result in the same types of savings as you'd get from other approaches, but it's an extra layer of protection for your finances, and right now, with economic pressure rising, that guidance can turn good intentions into real progress.
Being a high earner doesn't make you immune to the challenges of credit card debt. Despite having more resources, more than half of high earners still struggle to keep up with their monthly payments according to a recent study, so if you're facing this type of issue, you aren't the only one — and more importantly, you have options to pursue. Whether through balance transfers, debt consolidation or direct negotiation, you may be able to reduce your interest costs while creating a sustainable path to debt freedom. Whatever option you pursue, though, it's equally important to address the underlying spending habits that created the debt to ensure these relief strategies lead to lasting relief rather than a temporary fix.