I admit it. I am fearful of debt.
Why? I have had loads of debt in the past, and it was not friendly to me! It made all of my paycheck leave. It made all of my tax refund leave. It made my credit card balances increase.
I will say that debt allowed me to have exactly what I wanted when I wanted it. When I wanted a new car, 105% financing later and a couple of days later, I had a new car. When I wanted some new appliances, a credit card enabled me to get it.
This is why debt scares me so much! Yes, I always was able to make my payments on time. Yes, I was able to have the product sooner. However, it came with a pile of debt attached to it! It is a lot less fun to earn money and see it all leave one day later to pay for things that I have already purchased. Many of them had already been consumed – vacations, dining out, sporting events, etc.
Yes, I have a fear of debt. I am glad that I do, and I plan on keeping this particular fear.