I know: very simplistic title.
However, it’s one of the main lessons we try to communicate to our kids through our home life and their education. How many people get sucked into debt… even “good” debt, for education, etc… and then remained swamped in the morass for years?
The Tall, Dark, and Slightly Neanderthal Fellow I married, and I, both managed to avoid the worst of education debt, but even what we acquired was a burden beyond any reasonable limits. We’re both firmly in the camp of “pay cash” now, and will do everything we can to help our kids get a debt-free education that suits them.
Here’s a great article that everyone taking out money for school ought to read:
Rebel against debt-bondage! These days, it’s a pretty big rebellion to refuse debt.