Even 'Upper Class' People Have This Bad Credit Card Habit

The financial elite may create the illusion of security with their flashy lifestyles, well-rounded portfolios, and other signifiers for being "upper class," but many still fall into bad habits from time to time. Despite the fact that many wealthy individuals demonstrate responsible credit card behavior, a survey from the Motley Fool found that ⅓ of Americans with a net worth over $1 million carry revolving credit card balances, and half have maxed out cards.

Carrying a balance may seem harmless, but it could cost the cardholder significantly. Unlike paying off a statement balance in full, which avoids interest altogether, a revolving balance means that interest can still compound month after month. Since the Federal Reserve Bank of St. Louis reports the average credit card interest rate sits at 21.39% as of August 2025, those balances can quickly spiral out of control. Having maxed-out cards further worsens the problem by increasing credit utilization, one of the biggest factors in a credit score, and can make it harder to borrow money through new credit cards or loans in the future. While it may seem like a paradox, wealthy individuals can still struggle with credit card debt, proving that high incomes don't guarantee financial discipline.

It might seem counterintuitive that people with six-figure salaries or even million-dollar net worths would fall into the same financial struggles as the average consumer, but the reasons are surprisingly similar. Whether they're supremely wealthy or not, when someone's income increases, individuals naturally tend to change their lifestyle to reflect their financial status — and that usually means more spending. When that person is particularly wealthy, the kind of spending they do just gets more and more extreme as they may feel more inclined to opt for higher-end experiences, products, and services.

A higher salary or net worth can also lure people into a false sense of security: Just because someone can afford to buy more doesn't mean they can afford to buy everything. It's all too easy to throw a purchase on a credit card and just assume you'll be able to pay it off with minimal hiccups. The more often you do that, the harder it will be to keep up with the balance. Once you fall behind on those high balances, interest rates just get more and more dangerous.

On top of that, unemployment has gradually risen in recent years, so folks currently in a state of financial comfort aren't exactly guaranteed that level of income indefinitely. Luckily, with the right strategy, there are ways to curb lifestyle inflation to minimize the high costs you incur.