“There is no practice more dangerous than that of borrowing money; for when money can be had in this way,’ repayment is seldom thought of in time, the interest becomes a moth, exertions to raise it by dent of industry ceases, it comes easy and is spent freely, and many things [are] indulged in that would never be thought of if [they were] to be purchased by the sweat of the brow…. in the mean time the debt is accumulating like a snow ball in rolling.”
George Washington in a letter to his nephew Samuel Washington, Mount Vernon, 12 July 1796
