Nearly Half of Six-Figure Earners Feel Burdened by Debt

Nearly Half of Six-Figure Earners Feel Burdened by Debt

February 4, 2020         Written By Lynn Oldshue

Income is a contributing factor to debt repayment, but having a high income doesn’t necessarily negate debt. According to a new LendingTree study, “47% of six-figure earners feel burdened by debt.”

In total, 60% of respondents said they were “somewhat” or “completely weighed down” by debt. A survey from last September revealed that 15% of Americans think they will never get out of debt.

Credit cards were the top source of debt stress, cited by 36.7% of LendingTree respondents. This was followed by student loan debt at 20.7% and medical debt at 13.7%. Baby Boomers and Gen X reported more credit card stress than Millennials, while Millennials reported significantly stronger stress about student loans.

Despite high financial stress, most respondents are optimistic about their future. Nearly two-thirds of participants said they would be in “very good” or “excellent” financial shape by the end of the decade, and only 11% were pessimistic about the future.

Saving money and paying down debts were the top financial resolutions for 2020, representing over 50% of responses. When Americans were asked why they had those goals, 68% said they wanted to enjoy a debt-free life.

Two out of three Millennial respondents feel “buried in debt,” but the same percentage say they will be debt-free by 2030. A study published last week showed that Millennials significantly increased their savings in 2019, and 73% are saving toward a financial goal.

The information contained within this article was accurate as of February 4, 2020. For up-to-date information on any of the terms, cards or offers mentioned above, visit the issuer's website. Many of the offers on this article are from our affiliate partners, and LowCards.com may be compensated if you take action with any of our affiliate partners.

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lynn-oldshue

About Lynn Oldshue

Lynn Oldshue has written personal finance stories for LowCards.com for twelve years. She majored in public relations at Mississippi State University.