Loans can and should be used by individuals in two big ways: 1) spreading cash-flow over a long period (car loan) 2) investing in long-term gain (mortgage, educ

Loans can and should be used by individuals in two big ways: 1) spreading cash-flow over a long period (car loan) 2) investing in long-term gain (mortgage, education) By saying you shouldn't ever take on debt, it's similar to saying no business should take on investment capital, and governments should not invest in emerging markets. Determining how and where to take on liabilities, that is a more interesting discussion then simply saying debt is bad.