Oh, if only more people would listen to you Jared. What people don't see who haven't lived through it, or read history, is that they need to add, to the above " AND all future expenses are at your debt's cost basis."

For example, you buy a house for $100K. Inflation goes up. You're good ASSUMING your income keeps up with it. But it doesn't. It LAGS inflation. So you house goes down to $70K. You have to live somewhere right? Then your water main breaks and instead of costing $5K, because of inflation its $10K. You haven't had your raise yet. You can't borrow the money. You're underwater. That's how people with debt become slaves. They have no more freedom because they can't afford rising costs and they have no assets to borrow with.

Theoretically, borrowing at low interest before inflationary times is a winning strategy. In real life, most people's wages don't keep up with inflation. The only ones that really works for are those who have assets GREATER than liabilities (yes, the wealthy). Why am I going on?? :)

Putting the ethics aside, there is no way to make money in a depression EXCEPT to enter it debt free. You gave the magic answer--even for those only thinking about money.