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Are you desperate to pay off debt this year? You have a good enough reason to feel that way. According to the study published on Nerd Wallet, the cost of living in this country already outpaced the income growth. If the income grew by 26% the past 12 years, the expenses have grown within the range of 37% (food and beverages) and 51% (medical costs). This is probably the reason why debt is something that our society finds very hard to manage. The study revealed that the average household is paying a huge amount of interest each year - a whopping $6,658 a year. With the average household income being $75,591, the interest alone is eating 9% of the hard earned money of consumers. This is a painful fact to swallow. You can just imagine how much debt we owe to accrue that much interest! Each year, the credit industry is earning more than $6,000 on interest from every American household. We just have so much debt to pay off. The truth is, the debt itself is not a problem. There are instances when it is okay to be in debt. However, you need to ask yourself - up to what level will you let your debt accumulate? Will you let it rise until it becomes hard to pay off debt? Obviously, you do not want that to happen. But you are torn because you want to live a certain standard of lifestyle. On top of everything, you know deep in your heart that you want to live in your own house. You want to own the roof over your head. That is your dream and that remains to be the American Dream of most consumers. Because of that, we are all ready to make the lifestyle sacrificesthat will help us afford the lifestyle that we think we deserve. We all think that the big house will give us that. The truth is, we do not really need that big house. Because that house is what keeps us in debt. It is what encourages us to rack up huge amounts of debt. While credit by itself is not a problem, once we start accumulating it, that is when it starts to enslave us and keep us from really enjoying what this life is all about. If you want to free yourself, you need to revise the way you look at big houses and start considering the real value in tiny homes.