The Federal Reserve has just released information about debt in America, and the results are staggering. Americans owe $11 trillion in debt, which is double what we owed 10 years ago. So, for an individual household, the debt burden for families is huge. The “must pays” that we’ve developed in our lives are growing exponentially. Half of all consumer debt is floating rate interest and more than one fourth of mortgage debt is floating rate interest. So, think about what you’re borrowing money for and what you’re going to have to pay back. If you have a floating rate mortgage and you’re going to stay in your house for any length of time, refinancing to a fixed rate loan is still a great idea.