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Even Top Earners Are Falling Behind on Credit Card and Car Payments
(www.bloomberg.com)
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this post was submitted on 05 Aug 2025
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I'm not sure if I agree with this but I'm willing to discuss.
I could default on all my debts that are beyond my means tomorrow, but due to privilege I would still have a roof over my head and be able to put food on the table.
I don't think that is common and, as such, not everybody has the luxury or privilege of living beyond their means.
Am I wrong?
A roof over your head can be subjective. Many high earners are not satisfied with "a roof over their head", they want it in the good neighborhood, with a pool, many rooms etc. High earners spend a lot more on regular things too, like food (A brands, fancier shops, more take-out), gadgets, traveling a lot and very far etc. If high earners can't pay their bills, it's likely partially because they are too deep into keeping up with the Jones's, suck at handling money or both. It's not common but is possible to go from being high earning to living under a bridge in just a few months, even if you owned your roof.
But how did you manage to get debt that is above your means? If you take out a loan, for example, don’t they check if you can afford it?
Yeah, but you can lie. Half the time places don't even ask for proof for some reason.
Or, yeah, but I could lose income tomorrow (especially with how fragile the job market is right now).
I got a loan back in January and a month later lost my highest paying contract job. I've since replaced it, but - shit can happen for sure.
They check if you can afford it “right now”, but the situation could change: a kid, an emergency, inflation, loosing your job, inflation… have i talked about inflation? Or the loan rates could change too