We live in a culture where debt is assumed to be essential for everything. The Bible tells us that the borrower is a slave to the lender so we should be vigilant in our efforts to avoid becoming financial slaves. Here are the things I would not use debt to purchase:
Financing something that immediately depreciates in value is a bad idea because of the risk of owing more than it is worth. Lenders now offer packages up to 6 or 7 years for a car… not a house… a car. It is far better to save the cash and buy one that gets you to where you need to go without paying a penny of interest.
A College Education.
Nothing against going to college, but the average student now graduates with $37,000 in student loan debt. That is crazy. Find ways to go without borrowing money.
A Dream Vacation.
It is tempting to splurge here and pay for a dream vacation using your credit cards. You will have far less stress by getting creative and paying cash for a vacation you can afford.
Borrowing against your home equity is something I would not do because of the undue risk you are taking. Even borrowing to update the house should be avoided.
Clothes, electronics, or furniture. It is far better not to have store accounts, or buy these things using a credit card. Cash is the way to go.