“Debt seems like fun for a long time, until it’s not. And everyone does it. We’ve been sold very hard on acquisition = happiness, and consumer debt is the engine that permits this. Until it doesn’t.”
“It’s simple: when the utility of what you want (however you measure it) is less than the cost of the debt, don’t buy it.”
Read Mr. Godin’s blog post–I can’t say it better than he can.