Don’t take on long-term debt to cover day-to-day expenses. Don’t use credit to buy stuff that will wear out before it’s paid off.
It’s advice many parents give their soon-to-be adult children. And, in a nutshell, it’s what the Mississippi Bond Commission says in rules it recently adopted.
The rules were written partly in response to a $308 million bond bill that legislators passed during the 2016 session.