Our nation has a debt problem. We have been taught for too long that it's okay to borrow money for things that we want or that we believe will be useful for us in a long run. We are taught to dream big, and borrow to provide the money to obtain our dreams without a dose of reality.

I don't want to smash anyone's dreams, hopes, or aspirations. It's good to inspire to become something better for yourself and obtain reasonable pleasures in life. Yet it takes time and reasonable effort to obtain one's goals in life. Things of value do not happen instantly, and if you borrow, it should only be done after a thoughtful discussion of the pros and cons.

I am always utterly amazed at the amount of money people will borrow:

• For reasons of conspicuous consumption,
• On terms that will outlast the value of the product,
• On terms that will outlast the maximum satisfaction of a new product,
• Without a plan to pay back the money based on a realistic assessment of income, and
• Without a plan in case of rainy day.

It should be self-evident, that most things bought on a credit card do not satisfy a majority of those terms. Even so-called good debt can fail on one or more of those grounds. The foreclosure debacle is an example of people taking out debt for a good purpose, but making mistakes at the same time.

People buy houses and land without a plan to pay it back or not understanding the terms of the loan. People buy houses because they look pretty, at least until the paint starts to peel and the grass needs to be mowed. People end up paying for more house then they really need.

There should be a long pause before anybody takes out debt of any kind. People should be asking the hard questions of themselves and deciding if they are better off with the debt or without it. While sometimes debt is necessary for growth, people should be careful and think about the consequences of their decisions.