Pretty much what Jens K said.
Personally I have never had any debt aside from one small car loan ($3k on a $27k vehicle) about 20 years ago. That was only to establish some credit history. Any other debt I have is my monthly expenses on credit cards that I pay off in full every month. I think it is a good idea to only buy things you have the cash for but I understand that our economy would look nothing like it does if everyone did that or was on the FIRE path. The winners need the losers just as much as the losers need the winners.
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