The Art of Borrowing

As life closes in on someone who has borrowed far too much money on the strength of far too little income, there are no fire escapes.
-John Kenneth Galbraith (Quote)

Face the fact!
Money-Lenders are most willing to loan you more than is good for you and your family. Mortgage banks and credit-card issuers do not care if your monthly installment makes it impossible for you to clear away your debt in your life-time. You need to set your own rules, including:

NO Credit-card debt. It is never okay to borrow for personal enjoyment and entertainment.

Borrow only to purchase assets that appreciates in value. House? yes! Education? sure! Holidays, luxurious meals or even a 40-inch plasma HDTV? No way!