Well, I guess the situation really depends on a country. In Russia the annual inflation rate stayed in 5-7% for several years. Taking a loan for 15-20 years was a very good opportunity. Of course interest rate was around 15%, but still devaluation of the currency was killing your debt quickly. Yet I haven't ever been in debt and never owned a credit card. I don't want to feel my self caught in a trap by a bank.