What is Lifestyle Creep? Why should I care?
Lifestyle inflation or lifestyle creep is the gradual increase of expenses as income increases. As people earn more, they may upgrade their lifestyle, buying more expensive items, eating out more often, or taking luxurious vacations. This gradual increase in spending can reduce savings and prevent people from reaching their long-term financial goals. As income increases, the tendency to spend more also increases. This can lead to financial strains if not managed properly. Lifestyle creep doesn’t have to be a bad or good thing. Many would argue that you should spend your money on what you want if you’ve got it. We are not here to offer our opinion on how to spend people’s money. A sudden change in your income or debts that are piling up may make you consider bankruptcy. When someone becomes accustomed to a certain income, their debts rise to match it. When income suddenly drops, debts unfortunately don’t follow. The $400 minimum payment, which used to be affordable for many people, is now unaffordable. Call now for a free strategy session with an MN bankruptcy lawyer at LIFEBACK LAW FIRMS
If you are in a similar situation or have concerns about your ability to pay off your debts and fees, schedule a consultation with Minnesota’s most friendly bankruptcy attorneys. We are here to answer all your burning questions with compassion and understanding. Visit us at lifebacklaw.com to schedule.
