Franklin expounded the dangers of debt in The Way to Wealth, 1758:
“God gives all things to industry.
Then plough deep, while sluggards sleep, and you shall have corn to sell and to keep, says Poor Dick.
Work while it is called today, for you know not how much you may be hindered tomorrow, which makes Poor Richard say, one today is worth two tomorrows; and … have you somewhat to do tomorrow, do it today …
And in another place, pride breakfasted with plenty, dined with poverty, and supped with infamy …
What madness must it be to run in debt for these superfluities (unnecessary expenditures) …
We are offered, by the terms of this vendue (public auction), six months’ credit; and that perhaps has induced some of us to attend it, because we cannot spare the ready money, and hope now to be fine without it …”