Just because everybody's doing it doesn't make it a good idea. Everybody used to smoke cigarettes, too.
Off the top of my head, here are some more bad ideas related to debt:
- Paying private school tuition with your home equity line of credit.
- Buying groceries on your credit card.
- Leasing a new fancy car rather than saving up for one you can afford.
- Buying new furniture on credit because you can't afford to pay cash.
- Investing in a can't-lose, get-rich-quick scheme.
- Lying about your income on a mortgage application to get a bigger loan.
Instead, the whole world managed to forget those basics of consumer finance - or thought that the guidelines had been suspended due to... ??? Magical thinking maybe?
The piper must always be paid.