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CBS News
5 days ago
- Business
- CBS News
4 credit card debt relief options high earners can pursue now
Think a high six-figure salary protects you from racking up credit card debt? You may want to think again. While it's easy to assume that earning more results in wealth accumulation, not debt accumulation, it turns out that credit card debt can be an issue for nearly every type of earner. Case in point? A recent BHG study shows that 62% of high earners — categorized in this case as those earning $300,000 per year or more — still struggle to keep their balances under control, defying the myth that a high income equals financial security. So, why do even top earners get stuck in the debt cycle? Well, there are numerous reasons for it, but in large part, the issue boils down to two words: lifestyle creep. For many high earners, as paychecks grow, so do the expenses, from bigger homes and luxury cars to private school tuition and lavish vacations. Add in other factors, like higher tax brackets and sticky inflation, and suddenly that hefty paycheck doesn't stretch nearly as far as you'd expect. And, without strategic planning, large financial obligations and easy access to credit can leave even high earners living paycheck to paycheck. That doesn't have to be the case, though. If you're earning a high salary, there are targeted debt relief strategies you can use to crush your credit card debt for good. Find out what credit card debt relief options are available to you today. The following credit card debt relief options may be worth considering if you're earning a high salary: Debt consolidation lets you roll multiple high-rate credit card balances into one fixed-rate loan, and pursuing this path now could help the right borrower save significant amounts on interest charges. After all, the average credit card rate is closing in on 22%, just under a record high, meaning that the compound interest charges can rack up quickly, but the average personal loan rate is closer to 12%. So, swapping out your high-rate card debt for a loan with a rate that's 10 points lower can be a good move. And, because the average high-income earner has both a hefty spending capacity and a credit score of 774, which is categorized as "very good," they can generally qualify for loans with top rates that are large enough to cover six-figure balances. That makes debt consolidation worth serious consideration if you're a high earner, as this move can translate into hundreds or thousands of dollars in saved interest per year. Learn how the right strategy could help you get out of debt for good. If you qualify for a 0% APR balance transfer offer, you can move your high-rate debt to a single card and focus on paying off what's owed without being charged interest for a period of 12 to 21 months or more. And, because high earners are often given access to higher credit limits due to their higher salaries, this route can be a great way to get rid of your debt without more interest charges accruing. Given today's high average credit card APR, taking advantage of the opportunity to wipe out interest may be particularly compelling. Doing so could save you thousands of dollars worth of interest charges, provided that you pay off what's owed during the promotional period. Just remember that once the promotion expires, the full rate kicks in, so paying off the balance during the initial period is key. Another way to get some relief from your credit card debt is to simply pick up the phone and ask your issuer for a lower APR. High earners with strong payment histories often have more leverage in these conversations than they realize. Card issuers want to retain reliable, profitable customers, after all, and if you're carrying a large balance, they may agree to reduce your rate to keep you from moving your debt to a competitor. While a lower rate won't erase your credit card debt, it can significantly reduce the cost of carrying it as you work toward paying it off faster. For example, if you're currently paying 22% interest on a $50,000 balance, negotiating even a modest reduction to 16% could save you hundreds of dollars each month on interest charges. High earners often juggle complex financial situations between bonuses, stock options, equity compensation and income taxes. But a good advisor can parse through that complexity to create a tailored debt-payoff plan. For example, redirecting a bonus or stock sale toward high-rate debt can deliver huge returns if done strategically. Working with a debt coach can help curb lifestyle creep by keeping you accountable and adjusting habits so rising income doesn't mean rising spending. This route may not result in the same types of savings as you'd get from other approaches, but it's an extra layer of protection for your finances, and right now, with economic pressure rising, that guidance can turn good intentions into real progress. Being a high earner doesn't make you immune to the challenges of credit card debt. Despite having more resources, more than half of high earners still struggle to keep up with their monthly payments according to a recent study, so if you're facing this type of issue, you aren't the only one — and more importantly, you have options to pursue. Whether through balance transfers, debt consolidation or direct negotiation, you may be able to reduce your interest costs while creating a sustainable path to debt freedom. Whatever option you pursue, though, it's equally important to address the underlying spending habits that created the debt to ensure these relief strategies lead to lasting relief rather than a temporary fix.
Yahoo
7 days ago
- Entertainment
- Yahoo
EXCLUSIVE: Timothée Chalamet on Modern Money Etiquette and His Go-To Bodega Order
If you've ever found yourself in the middle of a money-related conflict, whether it's figuring out who to tip or the best way to pay at the farmers market, you're not alone. In fact, Oscar-nominated actor Timothée Chalamet can relate—though, your experience probably didn't take place while you were shopping for rare produce in a deserted, dreamlike grocery store. In a new partnership with Cash App, Chalamet explores opposing intergenerational views around finances in a commercial that finds him observing an argument between a father and teenage son, played by Izaac Wang (the titular character in the 2024 movie Didi). The duo, who own the otherworldly market, struggle to see eye-to-eye on methods of payment. Chalamet catches the son staring him down while the father shows off his mangelwurzel varietal (which is indeed a real thing: The oversized root vegetable is part of the beet family and used primarily as livestock feed), and it gets even more cryptic when the son asks his father if he's 'told him yet.' Chalamet interjects, rightfully confused, 'Told me what?' After explaining that they only accept certain forms of 'outdated' payment, like iron ingots, salts, and cowrie shells, the dad gets a bit defensive: 'What do you want? You want a robot? You want a robot as a father?' But the son points out that modernizing their banking doesn't mean they have to change who they are. The commercial ends with them exchanging a look as Chalamet asks, 'How do I pay for this?' You see him walking out of the bodega with his bags, and you can assume he got what he came for (the mangelwurzel, we hope). Ahead of the commercial's official reveal, Chalamet shared his own takes on payment etiquette exclusively with BHG—along with his go-to bodega order. Related: When the Sign Says 'Pay What You Want,' Here's What You Should Actually Do Modern Money Manners (and Bodega Orders) with Timothée Chalamet Q: Do you usually add a note or emoji when you send or request money on Cash App? You definitely have to add a note or emoji, for context and for jokes. If you don't make a joke out of it you're suspicious. Q: We're in a new era of money manners—is it ever OK to wait more than a couple days to respond to pay-back request? I think you've got a 48-hour window before it feels shady! Q: What are your favorite bodega finds to share with friends? Bacon, egg, and cheese on a roll, salt and pepper with ketchup. I would eat this 90% of my life if I wouldn't explode. About the Cash App Collaboration In addition to the commercial, Cash App is introducing limited-edition Cash App Card stamps designed with Chalamet in the coming months. This isn't the first time Cash App has partnered with major public figures on similarly creative or meaningful ventures: In 2025 alone, Cash App has partnered with musician Shaboozey, director and writer Ramy Youssef, and WNBA athlete Angel Reese on various endeavors. The commercial featuring Chalamet was directed by Aidan Zamiri and written by Elijah Bynum, both of whom have collaborated with Chalamet in the past, Zamiri on various photography projects and Bynum on 2017 movie Hot Summer Nights. You can watch the commercial online now, and the spot is also being featured in movie theaters across the U.S., preceding summer blockbuster Superman and The Fantastic Four: First Steps. To promote it, Cash App surprised a few Timmy fans on social media with $25 to see a movie—giving them the opportunity to catch the ad on the big screen. 'We wanted to give Timothée a platform to encourage open conversations around money across age groups in a way that felt fresh and authentic to who he is as an artist,' said Catherine Ferdon, chief marketing officer at Cash App, in a press release. 'We've always empowered our partners to use their own voice and creative lens when sharing Cash App with their audiences, and we're thrilled to continue that momentum with one of the most prominent and influential actors of his generation.' 'Financial literacy across all age groups is important and this spot seeks to emphasize that,' Chalamet said via press release. Related: Stanley Tucci's House Rules: Clean the Bottoms of Your Pans and Serve Post-Meal Cheese Read the original article on Better Homes & Gardens Solve the daily Crossword
Yahoo
06-07-2025
- Lifestyle
- Yahoo
Guava Is Summer's Juiciest Color Trend—Here's How a Designer Brings It Home
Guava, a soft pink-orange hue, is gaining popularity for its emotional warmth and versatility. Interior designer Anita Yokota highlights the color's sensory appeal: creating comforting spaces that still pop. Guava pairs easily with neutrals and natural textures to create vibrant yet balanced home over Barbie pink and butter yellow—this season's it shade is softer, fruitier, and unexpectedly grounding. Meet guava, a sun-kissed pink-orange hue that's taking over summer design. Whether featured on upholstery, art, or paint palettes, guava is more of a feeling than a fleeting trend. And according to Anita Yokota, interior designer and licensed therapist, that emotional connection is exactly why guava is resonating right now. 'Design right now is all about feeling something—color, texture, and memory,' Yokota tells BHG. 'We're moving away from sterile minimalism. Guava tones bring in the sensory joy of summer: They remind us of tropical vacations, sweet nostalgia, or that calming serotonin boost you feel sipping a smoothie on a warm day.'Anita Yokota is a therapist-turned-designer, author of Home Therapy, and host of a podcast of the same 7 Summer Decorating Trends Designers Say Are Everywhere Right Now Guava hits a unique sweet spot: soft yet vibrant, grounded yet playful. Think of it as golden hour in color form. 'It evokes warmth, optimism, and a sense of ease,' Yokota says. 'From a neuroscience lens, colors in the warm pink-orange family can stimulate the limbic system, which governs emotion and memory. That's why guava can make a space feel both invigorating and emotionally safe, a powerful combo for rooms where connection happens.' It's no wonder Yokota, who pioneered the 'Home Therapy' design approach blending interiors and mental health, is so excited about this shade. She says guava and similar shades reflect a bigger movement in design, one that's moving away from picture-perfect spaces and toward ones that create a sensory, emotional experience. Today, people care less about how flawless a home looks and more about how comforting and meaningful it feels. The beauty of guava is its surprising range. 'Guava is more versatile than people think—it acts like a neutral because it's not overly saturated,' Yokota says. 'It plays well with almost any color.' Here are her top styling tips: Start small. 'Textiles are the easiest place to begin—throws, pillows, or rugs in this shade bring an instant pop of color,' she suggests. 'If you're not ready for a full-color moment, try a guava-hued seat cushion or a small upholstered piece to experiment with the tone.' Try a focal furniture piece. 'A guava bench or accent chair adds dimension without overwhelming a room,' Yokota says. She especially loves using the shade in dining nooks, suggesting to mix it with neutrals like cream, tan, or stone for a fresh look. Lean into layered color. Art is another go-to for infusing guava in a way that feels elevated and dynamic. 'Look for pieces that pick up on guava tones—it draws the eye, adds color, and can shift the whole energy of a space,' she says. Want to bring the look home? Yokota recommends starting with natural textures that balance guava's warmth, like linen pillow covers, handwoven throws, and ceramics. 'These items strike the perfect balance between earthy and vibrant, which keeps guava grounded rather than sugary,' she explains. For paint, she suggests: Wing It by Clare Paint Red Earth by Farrow & Ball Both shades offer a buildable, muted take on guava that works beautifully on accent walls or cabinetry. Related: 2025 Paint Color Forecast: Out with the Bold and In with Muted Earth Tones 'Color is more than aesthetic—it's a neurobiological experience,' Yokota says. 'Warm tones like guava can increase feelings of safety and joy by gently stimulating dopamine pathways.' She often uses the hue in communal spaces, such as kitchens, breakfast nooks, or reading corners, to encourage connection. Yokota says guava promotes energy, play, and emotional openness—the very things that make a house feel like a home. So if you're craving a refresh that feels both joyful and grounding, guava could be your perfect summer match. 'This color helps us feel something. And that's exactly what design should do,' says Yokota. Read the original article on Better Homes & Gardens
Business Times
08-06-2025
- Business
- Business Times
BHG downsizes Bugis Junction flagship outlet as department stores face shaky future
[SINGAPORE] Department store BHG is downsizing its flagship Bugis Junction outlet – its last remaining permanent store – from three to two levels. This follows the March closure of its Junction 8 store, which will be replaced by home furnishings brand Nitori. Nitori will also take over the third-floor space BHG used to occupy at Bugis Junction. The scaling down of BHG's Bugis Junction outlet comes on the back of other store closures. Besides Junction 8, it has shuttered four stores here since 2022, in Raffles City Shopping Centre, Jurong Point, Clementi Mall and Lot One. It follows a series of other closures of large department stores here. 'BHG remains a tenant at Bugis Junction on Levels 1 and 2, and we continue to work closely with them to introduce new brands,' said a spokesperson for Bugis Junction. BHG declined comment. In February, BHG opened a pop-up store at The Centrepoint, which will operate until August. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up BHG Singapore began in 1994 as Seiyu Wing On Department Store. In 2007, it was acquired by Beijing Hualian Group, one of China's largest commercial chain retailers, and has operated under the brand name BHG for the past 18 years. Homemaker Brenda Thio, 53, said: 'It is sad that these stores that have been around for so long are either gone or downsized.' But she said she mainly shops online now. 'I hardly shop at BHG and have bought only pillows, bolsters or bed sheets there once every few years.' A broader trend of decline Large department stores here and worldwide have faced decline owing to increasing competition from online shopping, exacerbated by the Covid-19 pandemic. Japanese chain Isetan will shutter its Tampines Mall outlet in November, after about 30 years. At its 2013 peak, it had six stores in Singapore. Its last closure was Isetan Katong in Parkway Parade in 2022. After closing the Tampines store, it will be left with two outlets – Isetan Scotts and Isetan Serangoon Central. Home-grown department store OG closed its Orchard Point store in 2022, after 18 years. Its remaining stores are in People's Park and Albert Street. Metro closed its flagship Centrepoint store in 2019 after five years, with two remaining stores at Paragon and Causeway Point. And two department store chains which used to be household names have called it quits. Robinsons, which still has an online store, shut its last physical store at Raffles City Shopping Centre in 2021, while John Little exited the local retail scene in 2017, after closing its Plaza Singapura outlet. Market observers said that with e-commerce offering a greater variety of products, competitive pricing and the convenience of home delivery, people are increasingly less inclined to visit large department stores. 'Today's shoppers increasingly seek personalised, curated and experiential retail experiences,' said Leung Sau Yee, senior lecturer at Singapore Polytechnic's School of Business. 'Traditional department stores, with their generalist, one-size-fits-all model, often fall short of these expectations.' Many department stores also rely heavily on mall operators to drive engagement, she said. Without distinctive products, brand curation or compelling in-store experiences, they struggle to offer shoppers a strong reason to return. Department stores have traditionally been anchor tenants in malls. But operating large-scale stores in prime retail locations, such as Bugis Junction, means incurring high rental, staff and inventory costs. As footfall declines, it becomes increasingly difficult to justify maintaining such expansive physical spaces from a profitability standpoint, experts said. Associate Professor Lau Kong Cheen, head of the Singapore University of Social Sciences' marketing programme, said department stores have been supplanted by large malls that offer a curated mix of specialised outlets. In short, malls are mega department stores. 'Malls house dedicated retailers for categories such as footwear, cosmetics, skincare, fashion apparel, accessories, jewellery and homeware,' he said. 'Each speciality store provides a focused brand experience that resonates more with today's discerning shoppers.' Professor Lawrence Loh, from NUS Business School's department of strategy and policy, said: 'Department stores cannot continue to be more of the same, providing huge varieties for all customers. If they are everything to everybody, they may end up as nothing to nobody.' From product-centric to experience-centric What could make the department store relevant again in a tough market? Prof Loh suggested merging the physical store with a digital one to offer holistic shopping experiences that are not found online. 'The 'touch-and-feel' in shopping is still valuable, but stores must give sufficient incentives to prevent the undesirable consumer behaviour of testing at stores and then going online to purchase elsewhere at lower prices,' he said. 'Department stores face the real challenge of being free showrooms for the low-cost e-commerce stores.' Other experts agree on the need to invest in omnichannel integration with a seamless blend of online and offline experiences, such as allowing customers to purchase online and collect in-store, or checking stock levels in real time, to compete with pure e-commerce players. Ethan Hsu, head of retail at real estate consultancy Knight Frank Singapore, said that technology such as personalised apps, fitting rooms that use augmented reality and artificial intelligence-driven inventory can improve efficiency and customer experience. They can also cater to modern preferences like sustainability, he said. In addition, he suggested community marketing activities that can build loyalty and differentiate stores from online retailers. These include supporting local charities, or hosting community events and cultural celebrations. Prof Lau suggested that stores frequently introduce thematic changes – for instance, cultural themes from different countries – to their product ranges. 'Just like museums and art galleries – they change their display by curating new exhibits to draw domestic visitors to make repeat visits,' he said. Exclusive collaborations with brands that have a limited presence in Singapore – including emerging international brands and local designers – could help, Prof Lau added. And stores can transform themselves into lifestyle destinations by integrating cafes with speciality in-house brews and food, and branded dining ware sold in-store, he said. Offering experiences such as personal colour analysis, cooking or baking workshops and food-and-wine pairings can make shopping more engaging, and cannot be replicated by online retailers, said Leung. She added: 'Ultimately, for department stores to thrive, they must shift from being product-centric to experience-centric, staying attuned to evolving consumer values and behaviours.' THE STRAITS TIMES
Straits Times
07-06-2025
- Business
- Straits Times
BHG downsizes Bugis Junction flagship outlet as department stores face shaky future
Besides the March closure of its Junction 8 store, BHG has shuttered four stores here since 2022.. ST PHOTO: NG SOR LUAN SINGAPORE – Department store BHG is downsizing its flagship Bugis Junction outlet – its last remaining permanent store – from three to two levels. This follows the March closure of its Junction 8 store, which will be replaced by home furnishings brand Nitori. Nitori, along with Japanese brand Muji, will also take over the third-floor space BHG used to occupy at Bugis Junction. The scaling down of BHG's Bugis Junction outlet comes on the back of other store closures. Besides Junction 8, it has shuttered four stores here since 2022, in Raffles City Shopping Centre, Jurong Point, Clementi Mall and Lot One. It follows a series of other closures of large department stores here. 'BHG remains a tenant at Bugis Junction on Levels 1 and 2, and we continue to work closely with them to introduce new brands,' said a spokesperson for Bugis Junction. BHG declined comment. In February, BHG opened a pop-up store at The Centrepoint, which will operate until August. BHG Singapore began in 1994 as Seiyu Wing On Department Store. In 2007, it was acquired by Beijing Hualian Group, one of China's largest commercial chain retailers, and has operated under the brand name BHG for the past 18 years. BHG at Junction 8 shuttered in March after a closing-down sale. PHOTO: LIANHE ZAOBAO Homemaker Brenda Thio, 53, said: 'It is sad that these stores that have been around for so long are either gone or downsized.' But she said she mainly shops online now. 'I hardly shop at BHG and have bought only pillows, bolsters or bed sheets there once every few years.' A broader trend of decline Large department stores here and worldwide have faced decline owing to increasing competition from online shopping, exacerbated by the Covid-19 pandemic. Japanese chain Isetan will shutter its Tampines Mall outlet in November, after about 30 years. At its 2013 peak, it had six stores in Singapore. Its last closure was Isetan Katong in Parkway Parade in 2022. After closing the Tampines store, it will be left with two outlets – Isetan Scotts and Isetan Serangoon Central. Home-grown department store OG closed its Orchard Point store in 2022, after 18 years. Its remaining stores are in People's Park and Albert Street. Metro closed its flagship Centrepoint store in 2019 after five years, with two remaining stores at Paragon and Causeway Point. And two department store chains which used to be household names have called it quits. Robinsons, which still has an online store, shut its last physical store at Raffles City Shopping Centre in 2021, while John Little exited the local retail scene in 2017, after closing its Plaza Singapura outlet. Market observers said that with e-commerce offering a greater variety of products, competitive pricing and the convenience of home delivery, people are increasingly less inclined to visit large department stores. 'Today's shoppers increasingly seek personalised, curated and experiential retail experiences,' said Ms Leung Sau Yee, senior lecturer at Singapore Polytechnic's School of Business. 'Traditional department stores, with their generalist, one-size-fits-all model, often fall short of these expectations.' Many department stores also rely heavily on mall operators to drive engagement, she said. Without distinctive products, brand curation or compelling in-store experiences, they struggle to offer shoppers a strong reason to return. Department stores have traditionally been anchor tenants in malls. But operating large-scale stores in prime retail locations, such as Bugis Junction, means incurring high rental, staff and inventory costs. As footfall declines, it becomes increasingly difficult to justify maintaining such expansive physical spaces from a profitability standpoint, experts said. Associate Professor Lau Kong Cheen, head of the Singapore University of Social Sciences' marketing programme, said department stores have been supplanted by large malls that offer a curated mix of specialised outlets. In short, malls are mega department stores. 'Malls house dedicated retailers for categories such as footwear, cosmetics, skincare, fashion apparel, accessories, jewellery and homeware,' he said. 'Each speciality store provides a focused brand experience that resonates more with today's discerning shoppers.' Professor Lawrence Loh, from NUS Business School's department of strategy and policy, said: 'Department stores cannot continue to be more of the same, providing huge varieties for all customers. If they are everything to everybody, they may end up as nothing to nobody.' From product-centric to experience-centric What could make the department store relevant again in a tough market? Prof Loh suggested merging the physical store with a digital one to offer holistic shopping experiences that are not found online. 'The 'touch-and-feel' in shopping is still valuable, but stores must give sufficient incentives to prevent the undesirable consumer behaviour of testing at stores and then going online to purchase elsewhere at lower prices,' he said. 'Department stores face the real challenge of being free showrooms for the low-cost e-commerce stores.' Other experts agree on the need to invest in omnichannel integration with a seamless blend of online and offline experiences, such as allowing customers to purchase online and collect in-store, or checking stock levels in real time, to compete with pure e-commerce players. Mr Ethan Hsu, head of retail at real estate consultancy Knight Frank Singapore, said that technology such as personalised apps, fitting rooms that use augmented reality and artificial intelligence-driven inventory can improve efficiency and customer experience. They can also cater to modern preferences like sustainability, he said. In addition, he suggested community marketing activities that can build loyalty and differentiate stores from online retailers. These include supporting local charities, or hosting community events and cultural celebrations. Prof Lau suggested that stores frequently introduce thematic changes – for instance, cultural themes from different countries – to their product ranges. 'Just like museums and art galleries – they change their display by curating new exhibits to draw domestic visitors to make repeat visits,' he said. Exclusive collaborations with brands that have a limited presence in Singapore – including emerging international brands and local designers – could help, Prof Lau added. And stores can transform themselves into lifestyle destinations by integrating cafes with speciality in-house brews and food, and branded dining ware sold in-store, he said. Offering experiences such as personal colour analysis, cooking or baking workshops and food-and-wine pairings can make shopping more engaging, and cannot be replicated by online retailers, said Ms Leung. She added: 'Ultimately, for department stores to thrive, they must shift from being product-centric to experience-centric, staying attuned to evolving consumer values and behaviours.' Chin Soo Fang is senior correspondent at The Straits Times covering topics such as community, politics, social issues, consumer, culture and heritage. Join ST's WhatsApp Channel and get the latest news and must-reads.
