The way I was taught, debt was not for consumption or depreciable assets it was for appreciable assets, like real estate. Joe.
I know someone who took a second mortgage to put down for a preconstruction house in 2005 and in 06 it was done and he got an offer 15% above what he paid. I told him to sell "Bird in hand worth two in the bush" line and he ignored me. Told me he was gonna make it big and wait till he can double his cahs. Bottom line, he lost his savings and both homes and marriage. I hear all kinds of stories of people losing businesses because they borrowed against them to speculate on multiple homes. etc.. and these were buisnesses that were generating cash flow etc.. but greed got the best of many people.