Well, this is part of discussions of good debt/bad debt.
Mortgage debt is ok, because you are acquiring a tangible asset. Assuming you can’t just pay cash for a house, mortgage debt is a responsible form of debt.
Credit card debt is troublesome because if you can’t afford to pay the bill each month, you run up high interest charges. And I would question if you can afford or need the items you buy with a credit card, if you can’t afford to pay off each month.
I may get flamed, but, even a certain amount of student loan debt can be good debt, if, you are getting an education and training in a field for which you will qualify for a good paying job, which enables you to repay that student loan debt.
I agree. A good degree in a STEM field can yield good results income-wise. Alternatively, my 3 daughters majored in marketing and all three would up with exceptional sales jobs. My oldest daughter (who worked full time to pay as she went) had a job with a base of $55,000 but her commissions put her into the $140,000-$175,000 per year range. she worked has a*s off, but it's paid off. I recently saw a thing on facebook about a female student who is for bernie because she acquired $226,000 in student debt. She majored in "Speech Pathology" and is worried she'll never make enough to begin to pay on the loan. she wants Bernie to forgive it. Now, I'm not a rocket scientist, but a speech pathology major will never make $25k per year in their life. Add normal everyday expenses (rent, car payment, cell phone, heat, etc.) and she's in a bad way. My view? She shoulda thought about that beforehand. She's now stuck and wants everyone else to pay the bill.