High earners’ four money pain points – and the one simple way to beat them

Above average earners are juggling high levels of debt so a sudden hit to their income could mean serious financial hardship. But there is a cost-effective solution.

House of cards made of credit card debt
High earners’ four money pain points – and the one simple way to beat them
(Image credit: Getty Images)

Higher earning families are playing fast and loose with their finances by racking up expensive types of debt often balanced on a single breadwinner’s shoulders, according to new research – but there is often a simple answer to getting back on track.

The top fifth of higher earners have a triple whammy of debt and very little insurance to cover its repayment – they have more debt than any other income group, higher debt repayments as a percentage of their income, plus a bigger proportion of their debt on expensive variable rates than people on lower incomes.

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Laura Miller

Laura Miller is an experienced financial and business journalist. Formerly on staff at the Daily Telegraph, her freelance work now appears in the money pages of all the national newspapers. She endeavours to make money issues easy to understand for everyone, and to do justice to the people who regularly trust her to tell their stories. She lives by the sea in Aberystwyth. You can find her tweeting @thatlaurawrites