The only time a loan should be considered is when a person is disciplined enough to handle the loan.  After that, only for items such as a house, car, or business.  The only exception to this is if someone is responsible enough to use a loan to earn low to no-risk interest.  I just took my first loan (besides mortage) out to take advantage of balance transfer at 0%.  With 5% interest plus some in a 10% guaranteed interest program while deployed, it will bring in a few hundred extra dollars.  I think this would be a good example of good debt versus bad debt.

A loan should only be taken out when absolutely neccessary.  I would only take a loan out to buy a house, automobile and college education.   Number one thing to think about is the interests costs and whether you have the funds to pay back the loan in a timely manner.