I talk to a LOT of people about money; and most assume that once you’re making six or seven figures, debt just goes away. That with enough income, you should be able to wipe out credit cards, student loans, and any lingering debt without breaking a sweat.

Wrong.

I work with high earners every day—executives, medical professionals, business owners, and more—who are still living paycheck to paycheck, still swiping credit cards just to cover expenses, and still feeling financially stuck. And it’s not because they aren’t making enough. It’s because they’re trapped in a cycle that no one talks about:

➡️ Making big payments toward debt
➡️ Feeling like they’re making progress
➡️ Getting hit with unexpected expenses
➡️ Putting expenses back on credit
➡️ Rinse and repeat

More money isn’t the solution. Smarter money management is. Let’s break down why this happens—and how to actually get out of debt for good.

MYTH: If You Make More, You Shouldn’t Have Debt

Let’s kill this myth right now. Having a high income doesn’t mean debt magically disappears. In fact, high earners often have more debt than the average person. 38% of cardholders with annual household incomes of $100,000 or more carry credit card debt, and 72% of people with credit card debt and annual household incomes of $100,000 have been in debt for at least a year (read more stats here). Here’s a few reasons why we see this happen: 

• Lifestyle Inflation – You start making more, so you start spending more. The nicer apartment, the better car, the business class flights—it all adds up.
• Student Loans & Business Debt – If you’re in a high-paying field, chances are you took on significant debt to get there. And interest doesn’t care how much you make.
• Investing & Real Estate Leverage – High earners love using “good debt” for investments, but without a strong cash flow plan, those payments can get overwhelming fast.

If you don’t have a strategy to manage debt and build wealth at the same time, you’re just running on a financial treadmill—working hard, but going nowhere.

Why High Earners Struggle to Pay off Debt

1. The ‘Big Chunk’ Mistake

Many high earners try to tackle debt by throwing large sums at it whenever they get extra cash—bonuses, commission checks, tax refunds. And while that feels productive, it usually backfires.

Why? Because they haven’t actually changed their spending habits or built a financial cushion. So a few months later, they’re back using credit cards to cover everyday expenses. 

2. The ‘I Can Always Make More’ Mentality

High earners often assume they can always out-earn their debt. That confidence is great—until a job loss, market downturn, or unexpected expense throws everything off. Relying on future income to fix today’s problems is a risky game.

3. No Emergency Fund = Credit as a Backup Plan

If you don’t have at least one month of expenses in your checking account and three to six months in savings, you’re one unexpected bill away from going right back into debt. This is the #1 reason high earners stay stuck—without a financial safety net, credit cards become the emergency plan. 

4. Social & Career Pressures

Networking events, high-end dining, luxury vacations, keeping up with peers—it’s easy to justify overspending when it “comes with the territory.” But maintaining appearances at the cost of financial security? Not worth it.

5. The Tax Trap

High earners often don’t actually take home as much as they think. Between federal and state taxes, self-employment taxes, and business expenses, cash flow can be way tighter than expected. If you’re not actively planning for tax payments, you’re playing catch-up all year.

How to Break the Debt Cycle (for real this time)

If you want to get out of debt—and stay out—you need a plan that actually works. Here’s where to start:

1. Stop Throwing Lump Sums at Debt Without a Plan

If you don’t have at least one month of expenses sitting in your checking account, your priority isn’t aggressive debt payoff—it’s building a cash buffer. Otherwise, you’ll keep falling back on credit cards the second something goes wrong.

2. Pay Off Debt & Save at the Same Time

This is the secret to real financial stability. If you’re only paying off debt but not saving, you’re setting yourself up to fail. Split your money between:

💰 Debt repayment
💰 Emergency savings
💰 Investing (yes, even while paying off debt)

This ensures that when life happens, you have cash on hand instead of turning back to credit.

3. Master Your Budget 

Budgeting isn’t about restriction—it’s about agency. When you know exactly where your money is going, you can allocate funds to essentials, debt repayment, and savings before spending on anything else. A strong budget keeps you from relying on credit to cover expenses, ensures you’re making steady progress, and gives you the freedom to build wealth on your terms.

4. Build an Emergency Fund (And Actually Use It)

If you don’t have 3-6 months of expenses set aside, pause aggressive debt payments and build that first. This is what keeps you from needing credit when sh*t hits the fan. And when those emergencies happen? Use the money in your emergency fund. If you treat your emergency fund like it’s untouchable, you’re just setting yourself up to rely on credit when life happens. The whole point of an emergency fund is to use it when needed—so you don’t end up back in the debt cycle. 

5. Stop Playing the Comparison Game

If your wealth is all about what people see—the car, the house, the lifestyle—but you’re stressed about money? That’s not success.

True wealth is freedom—freedom from financial stress, freedom to make choices based on what’s best for you, not what impresses others.

If you’re making great money but still feel stuck in debt, you’re not alone—and you’re not bad with money. You just need a different approach.

Here’s the truth: Wealth isn’t about what you earn. It’s about how you manage it.

If you’re ready to get off the debt treadmill, create a real financial strategy, and finally start feeling in control, let’s talk.

🚀 Book a call here to get started.