**Best Advice do not borrow what you can not payback. If you are not sure you can afford it. Don't do it.
The debt will reflect back good points if you make on time payments and complete payments.
The debt will also reflect negatives if you miss payments and/or do not pay off debt in timely manner based on a agreed due date.
It is only up to you if its going to be good or bad.
Debt: is~ unpaid due balances
Credit: is~ award of paid balances
If you are in debt you owe money.
If you pay you debts owed on time to complete you have earned Credit.
In Return this Credit will allow you to have opportunity to buy more expensive things in a pale scale without the hassle of not having all the money upfront.
You earn this Credit into a score over years which accumulate trust with large amounts of money from banks and loaners that only you can borrow because of a reputable background of pay offs' on time and in manner.
I agree with Carl - this is the ticket! Great response, easy to understand and positive/proactive. Thank you guys for the breath of fresh air. Debt is manageable but you have to be on it to make it work for you, not the other way around. I'm working on that myself having just bought a new house with a bigger mortgage and wanting to do the yard, but don't want to get in over my head yet. I'm close to paying off my wedding ring and my husband's doctor bills. So close I can almost taste the raised beds and welcoming backyard paradise!
Why do you think it should stop after 7 years? Getting a student loan discharged is extremely difficult. See this article:
DONT GET A LOAN
With regards to credit cards, paying your statement balance each cycle will boost your credit rating by allowing your credit limit to increase. The percentage of your credit limit usage greatly impacts your score.
Home and auto loans with on time payments will also body your credit score. I'm my opinion an auto loan should never be greater than 50% of your annual income. Home loans should be no more than 3 times your annual income.