Latest news with #highearners
CBS News
4 days ago
- Business
- CBS News
4 credit card debt relief options high earners can pursue now
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.
Yahoo
4 days ago
- Business
- Yahoo
High Earners Discuss How To Help Children Navigate Rising Government Debt: 'This Is NOT A Political Statement'
President Donald Trump recently passed the so-called "Big Beautiful Bill" with the help of the House and Senate. Some high-earners discussed how the bill will affect their children due to the rising government debt. Increases in the government debt have become a common trend across party lines. The debt ceiling is regularly raised, and that can create challenges for future generations. However, the high earners didn't debate whether the bill was justified or not. Instead, they focused on adjusting their plans for rising debt. Don't Miss: Named a TIME Best Invention and Backed by 5,000+ Users, Kara's Air-to-Water Pod Cuts Plastic and Costs — $100k+ in investable assets? – no cost, no obligation. "This is NOT a political statement," the original poster stated. These are some of the ways you can navigate a rising federal debt. Invest In Cryptocurrencies Rising debt isn't an exclusive problem for the U.S. Most countries boost government spending to cover various initiatives, and that results in sky-high debt. Cryptocurrencies aren't vulnerable to those risks since they are decentralized. A central bank cannot increase the supply of a cryptocurrency. Some cryptocurrencies have a limited supply, while others require a community vote to apply actions like increasing the supply. Bitcoin is capped at 21 million coins, and this limitation bears a resemblance to physical gold. Cryptocurrencies have the potential to hedge against inflation. If governments continue to get deeper into debt, assets like cryptocurrencies can continue to thrive. Trending: This AI-Powered Trading Platform Has 5,000+ Users, 27 Pending Patents, and a $43.97M Valuation — International Diversification One Redditor suggested diversifying into international stocks and ETFs. These assets shield investors from uncertainty with U.S. stocks. While U.S. stocks have outperformed global stocks in recent years, tariff concerns at the start of the year demonstrated how beneficial it is to have international exposure. Many European stocks performed well during the initial tariff onslaught, while U.S. stocks went into sharp corrections. One Redditor mentioned that the real return of U.S. markets may be lower if you account for inflation and international currency devaluation. The same Redditor who brought up international ETFs also encouraged people to sell their representative and vote in primaries. "People in this sub have more sway than they think. Congress doesn't care about debt because voters don't care about it," the Redditor Worry About It This isn't the first time the country has increased the debt ceiling, and it likely won't be the last. Rampant government spending has been a core theme for decades, and one Redditor said that people shouldn't worry about the Big Beautiful Bill's impact on debt. "Buy assets. It doesn't matter what happens with the actual currency if you own value-producing assets," one Redditor explained. Another Redditor mentioned that people get worried about rising debt but don't give as much thought to their own finances. It's similar to someone being worried about a rising government debt while owing $10,000 on their credit card. "I think people over-worry about the U.S.'s ability to stay solvent and under-worry about their own ability to stay solvent in the event of a market downturn," another Redditor chimed in. Focusing on what you can control can position you and your family for a better financial future. Don't blame the government for any financial shortcomings. Read Next: Many are using retirement income calculators to check if they're on pace — Image: Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article High Earners Discuss How To Help Children Navigate Rising Government Debt: 'This Is NOT A Political Statement' originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Sign in to access your portfolio
Yahoo
5 days ago
- Entertainment
- Yahoo
BBC releases rich list but Stacey Solomon and Rylan Clark are absent from report
The BBC has released its annual rich list once again, though fans were shocked to see two of the broadcaster's biggest stars were missing - Stacey Solomon and Rylan Clark. It'll come as little surprise that Gary Lineker and Zoe Ball were two of the top earners, with the latter being the highest-paid female at the network. The reason for some names being absent is due to them working for BBC Studios, the commercial branch of the corporation. Read more: Barclays paying free £175 into bank accounts and 'many eligible' This means the Beeb doesn't have to publish the salaries of its biggest stars that operate in that arm of the broadcaster. While he has now left the broadcaster, Lineker earned a staggering £1.35 million, while Zoe Ball made £519,000. Full list of highest BBC earners Stacey Solomon The Sort Your Life Out star's earnings have gone from £1.4 million in 2023 to £3 million the following year. Solomon's business, Key Map Entertainment, is also valued at over £7 million. Richard Osman Former Pointless star and now House of Games presenter, Richard Osman, earns a massive salary. Documents state his earnings at £3,702,23 in 2025, a hefty profit from the £1,904,477 from the year before. Louis Theroux Theroux's accounts for his business, Blobfish Limited, reveal a total of £2,883,786, sitting in the bank. This saw an increase in around £1 million between 2022 and 2023. Graham Norton The Graham Norton Show has established itself as one of the best late-night talk shows in the world. Just last year, he took home a hefty sum of £2,774,145 from the production firm So Television. Michael McIntyre Michael McIntyre's The Wheel and The Big Show are some of the biggest shows on the Beeb. As such, his production company, Hungry McBear, was worth a staggering £1,753,861 in 2023. Claudia Winkleman MBE Strictly Come Dancing host Claudia Winkleman is one of the most beloved stars of the BBC, and that's reflected in her pay packet. Her firm, Little Owl Production, shows a sum of £1,575,279 for her 2023 accounts, while she signed a new £1 million deal to continue fronting The Traitors, as well as taking home around £600,000 for presenting Strictly with Tess Daly. Rylan Clark Clark is a mainstay of the BBC, with his own BBC Radio 2 programme and hosting his show with Rob Rinder - Grand Tour. According to his Companies House records, he profited a nice sum of £1,447,866. Wynne Evans Wynne was sacked from the BBC after his controversial comments made on the Strictly Live tour came to light in January. Despite this, he still took home the sum of £734,000 in 2024. John Torode Torode has been axed MasterChef alongisde his co-presenter Gregg Wallace. Caspar 10 Ltd, Torode's firm, states he earned £47,351 for this year. Gregg Wallace While Gregg Wallace has been booted from the BBC after a report found that 45 out of 83 allegations of inappropriate behaviour were upheld, he still took home a hefty pay cheque. Documents show that Lobster Enterprises, his firm, made £24,830, as of February of this year.
Telegraph
29-05-2025
- Business
- Telegraph
Who are the Henrys? The voters Starmer is desperate to capture
You can hardly blame Labour for desperately trying to find new pockets of support. But going after Henrys – the 'High Earners, Not Rich Yet' – is surely a lost cause. Reports suggest Sir Keir Starmer is preparing to pursue some of Britain's best-paid workers – young people in the top 10 per cent when it comes to their salaries but who are nonetheless left with precious little at the end of the month after taxes, childcare and lifestyle inflation. Wealth accumulation is, as a result, for now off the table. There are some 800,000 of them in England and Wales, according to a Telegraph analysis of census data. Unfortunately for the Prime Minister, many of them are already urbanites in constituencies that helped put the Government in power. Far from Labour gaining support, it has slipped away among these golden voters faster than in any other group. As it languishes in the polls, it is perhaps no surprise that Labour is scrambling around for supporters it can please. The Sunday Times reported that Sir Keir's advisers have identified Henrys as a key group – a decision perhaps driven by Labour's recent popularity with professional, urban university graduates alienated from the Tories by Brexit. Henrys are not precisely defined in academic literature. Courtiers, a wealth manager, mentions a salary threshold of £100,000, while others claim the term applies exclusively to millennials. As a best proxy, these could also be considered 25 to 49-year-olds on the highest rung of the socioeconomic classification of jobs – precocious chief executives, senior administrators and finance managers, lawyers and consultants. But in a country where average house prices are fast approaching £300,000 – up 40 per cent in a decade – even a high salary cannot guarantee home ownership, the key to long-term wealth. The latest survey by the Office for National Statistics (ONS) found net property wealth made up the largest proportion of household wealth at 40 per cent. Henrys, however, are likely to be trapped in the private rental market. By these metrics, London's Canary Wharf, whose residents neighbour the world's biggest banks in glass towers overlooking the Thames, is home to the greatest proportion of Henrys at one in five. Of the electoral wards with the highest concentration of Henrys, Telegraph analysis of local-level 2024 general election results compiled by Britain Elects shows 78 per cent were won by Labour. This approach makes this core of Henrys total 803,247 at the time of the latest census, in 2021 – just under 2 per cent of Britain's 50 million-strong working age population at the time. While polling on what exactly Henrys want is scarce, a Reddit page dedicated to the group makes it abundantly clear what bothers them – their tax bill, the accessibility of housing and the prohibitive expense of living the way they want. In practice, Labour has done little to win them over so far. In 2021, the Tories fixed income tax thresholds until 2028, a decision Rachel Reeves shied away from reversing in her maiden budget last October. Ever more workers are set to be dragged into higher tax bands over the course of this parliament as a result. Those taking in over £100,000 a year – who now number some 1.4 million across the UK – owe £3,200 more in income tax and National Insurance in 2025/26 than they did in 2015-16. Inflation had been falling for 17 consecutive months until July last year. From a post-cost of living crisis low of 2 per cent, Labour's tax raid in April helped send it back up to 3.5 per cent. As for housing, few have been spared from the affordability crisis. Property cost 2.5 times the annual earnings of someone on the cusp of the top 10 per cent of earners back in 2000 – this ratio has now soared to four. Many of them live in the capital, where house prices averaged £552,000 this March – double the £271,000 figure for the wider UK. To make matters worse, the end of the stamp duty holiday has just made that first purchase £8,750 dearer. Molly Broome, a senior economist at the Resolution Foundation, said many of the Henrys could benefit from policies to tackle intergenerational unfairness. 'Lots of people have accrued wealth in the UK as a result of being homeowners, but millennials are much less likely to own their own home by the age of 30,' she said. 'Most are stuck in the private rented sector, which is the most unaffordable form of tenure. We've seen the length of time people are saving for their deposit increased.' After the collapse of Labour's majority in the Runcorn and Helsby by-election on May 1, Sir Keir claimed his party had to 'go further and faster to deliver' on its pledges. Four weeks later, Labour clocked the lowest polling share YouGov had recorded for the party since it began tracking voting intention in 2019, at just 21 per cent. Polling of those belonging to the ABC1 socioeconomic group, representing the middle and upper classes, had also slumped to an all-time low of 22 per cent by the end of May. It is among the 25 to 49s – the Henry demographic – that their standing has seen the steepest decline, down over 18 points from 44 to 25.6 per cent, according to the Telegraph's poll of polls. In the Henry-heavy wards last summer, where more than one in 20 meet the criteria, 44.2 per cent cast their vote for Labour. Mapping the decline above on to this would see it fall to 25.7 per cent. Ms Broome added that the Government was attempting to alleviate this problem by building more homes. As long as these homes included a good proportion of social housing, this should reduce rents in the private sector, making it easier for Henrys to save up for a deposit. She also called for changes to council tax, making it less regressive to ensure those with the largest homes pay more and those just starting out pay less. Stamp duty could also be scrapped, she said, as it is a barrier to home ownership for first time buyers. Meanwhile, child care costs rise hugely for workers who earn more than £100,000 a year as free nursery hours and tax credits are withdrawn. 'Childcare is also a big issue for older millennials, many of whom are choosing whether to work or send a child to nursery,' said Ms Broome. 'There are also cliff edges in the tax system which create perverse incentives not to earn an extra penny. Extending tapers would be one way the Government can improve the situation for these individuals.'
