I think it is imperative that we teach our children the dangers of debt. During the acclamation phase of debt, the person feels like they have an endless supply of money. It also allows for immediate gratification.
However, you eventually reach a place when there is no more available credit and all that debt, plus the interest, must be paid back to the leader.
Once debt has taken hold of a person’s finances, it can suck them dry. Debt starts pulling money from things the person needs today to pay for the wants of yesterday.
I believe it is extremely important to teach children the dangers of debt.