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| I'm not a fan of debt, but do have some on land I'm buying with about 1/3 down and a small bit of machinery debt. The point Dave makes is how often people abuse debt and how you are slave to the lender if you have much. He also orients this to business in his business classes.
I saw the truth of this last year with a guy I know who had a fitness center. He had 2 home mortgages which financed the center and the bank debt. When the bank decided he was too risky, they pulled his operating line and he "voluntarily" sold the business to another fitness center chain. He had a business which was operating o.k. and he was making all the payments on time, but because he owed a bunch to someone else, he was subject to their whims.
Take a look at the many discussions on this board where home mortgages with 0% down was used, or the new FHA 3.5% down loans. There is no equity if any drop occurs in home value and the "homeowner" is owned by the bank. They have no control of their future. Or if you lived in S. California and had 30% down and the house went down 50%. The bank owns you there also.
Or credit cards which have $30-60K of debt on them. Is their life better because of debt? doubt it.
I don't believe in controlling others choices, but there is a valid point that debt can be a big detractor to your life.
Art
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Debt is a tool
