(I now blog weekly on frugal living, personal finance & earlier retirement at:
I may not have any debt now, but I've gone into debt before and I would not hesitate to do so again for the right reasons.
Going into debt can make it possible for a person to handle financial emergencies if there's no emergency cash reserve available, apply financial leverage to enter major transactions like the purchase of a house, and capture opportunities such as the bargain buying of an automobile that may come up unexpectedly.
Going into debt can be the right solution in any of the situations I've described above. Going into debt for the right reason can be tremendously beneficial. It's not debt we need to be afraid of; it's debt incurred for consumer-sucker whim purchases that we need to watch out for and avoid.
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