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The Financial Benefits of Living With Less

The Financial Benefits of Living With Less

When people think about "living with less," visions of cramped living quarters and hipster couples espousing the virtues of straw-based plumbing may spring to mind. Condensing your belongings to fit into less than 250 square feet isn't for everyone; the financial freedom associated with tiny living, however, definitely has universal appeal. 

Even if you don't have plans to downsize, there is wisdom in living with less stuff. According to recent statistics, the average household has more than $130,000 in debt, $15,000 of which is on credit cards. What's more, consumers are spending 9 percent of their household income on interest, to the tune of nearly $6,700 each year. It's obvious we can't afford the stuff we insist on accumulating.

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By Kendal Perez with U.S. News & World Report

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