We often hear from clients in well-paid jobs who whisper the same thing:
“I earn £50k+ a year… so why am I drowning in debt?” The truth is, debt doesn’t only affect people on low incomes. Many professionals in their 40s and 50s carry £30,000+ of credit cards, loans, or overdrafts despite 'good' salaries.
Why high income doesn’t mean safe from debt.
There are a few common reasons we see:
- Divorce and separation – Splitting assets often leaves one partner with legal fees, rent, or child maintenance on top of existing debts.
- Lifestyle creep – Mortgage, car finance, school costs, and holidays all add up.
- Credit reliance – Credit cards fill the gap when life costs more than expected.
- Cost of living – Inflation means salaries don’t stretch as far as they used to.
According to the FCA, around 1 in 5 people with above-average incomes still struggle with problem debt. So if this feels like you, you’re far from alone.
The pressure debt creates
We hear professionals describe:
- Sleepless nights
- Hiding letters in drawers
- Keeping up appearances at work while feeling panicked inside
Debt stress doesn’t care how much you earn. It cares how much you owe
What are the options?
If you’re in this position, there are solutions. Depending on your situation, we may look at:
- Debt Management Plan (DMP): Informal, flexible, and confidential. One affordable monthly payment based on what you can really afford. Creditors are asked to freeze interest.
- IVA (Individual Voluntary Arrangement): A legally binding plan, usually lasting 5–6 years. At the end, remaining qualifying debt may be written off. We package your case and pass it to an Insolvency Practitioner if suitable.
- Other routes: For very high or complex debts, bankruptcy may be considered, though it has serious consequences.
The FCA bit (what you need to know)
It’s important to be clear:
- A DMP and IVA can affect your credit file
- An IVA is legally binding, but if it fails, bankruptcy may follow.
- Fees apply to some solutions we’ll explain these in plain English before you decide.
- Free debt advice is also available from charities like StepChange and National Debtline.
Our role is to give you the facts, explain the risks, and help you make the right choice for your situation.
Final word
High income doesn’t make you immune from debt. It just means the debts are often bigger, and the shame can feel heavier. But debt advice isn’t about blame it’s about building a fair, regulated plan so you can breathe again.
