‘An economic divide that is widening’: Almost a third of Americans earning $150,000 a year or more say they’re living paycheck to paycheck and many rely on credit cards to close the gap

t’s not just low-income Americans drowning under inflation and interest rates — some higher-income folks are feeling the strain on their wallets as well.

Data from a June survey conducted by personal finance software company Quicken revealed that 32% of Americans earning at least $150,000 a year are currently living paycheck to paycheck, while 36% of folks earning $50,000 to $150,000 and 55% of households earning less than that reported the same.

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“Our research shows an economic divide that is widening among Americans — there is a large group of hard-working people who are still struggling financially,” Eric Dunn, CEO of Quicken, said in a press release.

“I’m troubled by the compounding problems facing this group — many of them are living paycheck to paycheck and relying on credit cards they may not be able to afford.”

Higher-income Americans relying on credit cards now more than ever

Credit card usage has been escalating amid high inflation.

In fact, according to the New York Fed, credit card balances topped $1 trillion in the second quarter of 2023.

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