My grandfather sat me down and warned me about spending money I didn't have. To buy only what I had cash to buy. I didn't listen, but I remembered years later.
I had credit card dept that was around $100,000 USD, years after his death, and I worked hard to eliminate it. Only to buy a house on credit... An investment I told myself...
I still tell myself that, and I think it'll work out, but I remember his advise and I know it for truth.
I haven't had debt for a long time, until I had to fight for custody of my son. Now I have debt again, and I think my grandfather would agree that it was worth the cost.
I don't always know what choices were right, but this one... I know. Grandfather told me to spend only what I had in my pocket. It was good advice. Money comes and goes, use it for what is important.... That is my advice to my son.