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Do you feel like your mortgage payment is already dragging your finances under? That is a serious situation. If you feel like you are living from paycheck to paycheck, you need to reassess your financial activities. You need to look at your housing expenses in particular because this is the biggest cost that you are most likely spending on. According to an article published on Fortune.com, it seems that Americans are in a worse financial condition than the country of Greece. Although the country obviously owes a lot more than the average American, the debt-to-income ratio of the latter is much worse. Greece has a 177% debt-to-income (GDP) ratio while the average American worker has 370%! Just imagine how hard it will be for the average consumer to completely get out of debt. Since a home loan is the biggest debt that you will ever borrow because buying a house is the most expensive financial transaction that you can make in a lifetime. Naturally, this will eat up a huge percent of your income as you pay it back on a monthly basis. Although a mortgage payment is the biggest expense in your budget, it is also the one debt that you cannot default on. When this loan becomes delinquent, you might lose your house. When you can no longer pay off the debt, the bank will simply get the property and sell it to recover their losses. If you want to keep your house for a long time, you need to make sure you will never fall behind on your mortgage payments.