My way of not going too far into debt has always been the same: I don't spend more money than I have. I do use credit cards but never charge more than I have in my savings account (in case for some reason I can't pay off the charge from my regular monthly income).
Houses are not included in this plan of course. Mortgages are allowed. But not cars. Always buy used and pay cash if possible. Or at least not a huge debt.
This all comes from being old enough to remember when we didn't have credit cards. When I first went to work everything had to be paid for in cash. So I put some money in a savings account every week. Small purchases came out of the rest of my pay. When I wanted to make a larger purchase I had to wait until I had enough in my savings account.
I also live by the same rules and am proud to say I am debt-free and I am paying my mortgage off early. Unlike my 3 siblings, I plan to have a comfortable retirement. Maybe if they are nice, I will even let them live with me when the inevibly become homeless (Just kidding....)
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