This is a very specific manifestation of the ‘Let’s worry about that another day’ principle. And this is a very expensive version. It’s true that you can always find money if you’re desperate. Trouble is, the more desperate you are, the more it will cost you. The whole point about loans – from banks, venture capitalists, loan sharks, credit cards or anyone else – is that they make money out of lending to you because you pay interest. That means that you end up having to pay back even more, and if you haven’t got the money now, how are you going to repay even more than you’ve gained by borrowing? The more desperate you are, the harder it becomes to find a legitimate lender, and the more likely that you’ll have to resort to a less scrupulous source, which will cost you even more. So don’t do it.

If you can’t afford whatever it is – a car, furniture, clothes, evenings out, a holiday – then go without until you can afford it. Trust me, the short-term benefits won’t be worth the spiralling misery of debt. And debt always spirals – the interest grows, you have to borrow more to pay off the original debt, you need another loan because it’s getting harder to cover your everyday costs. And that horrible sinking in the pit of your stomach just gets worse every time. You will so regret buying that car, or taking that holiday, or having such a fancy wedding.

Of course, not everyone who takes out a loan ends up in debtors’ gaol. But even if you do successfully pay it back, it still costs you money. When it’s all paid back, you have less than you’d have if you hadn’t borrowed in the first place. So it just makes no sense. However tough things are, don’t borrow money unless you genuinely can’t eat or have no roof over your head.

Speaking of a roof over your head, I will make an exception here for mortgages. If you can afford to buy a house without a mortgage, go for it. But not many of us are in that position. In which case you might as well pay your monthly living expenses to a mortgage company and end up with a house at the end of it, than pay it to a landlord and end up with nothing. Just don’t take out a bigger mortgage than you can afford, mind.

You may be thinking that you could borrow money from family or friends. Well, maybe you could. But if things go wrong – possibly even if they don’t – you could find yourself sacrificing friendships and family relationships. It just isn’t worth it. And however sure you are that things won’t go wrong, you can never be certain. Suppose you have an accident and can’t work? Even in the best case, it sets up an unequal relationship where you don’t want one. How can you look your sister or dad or best mate in the eye when you owe them £500 or even £5k – let alone when you fail to repay it on time? They’re there to pick you up emotionally when times get tough, not to bail you out financially. They can’t necessarily do both.

If you’re lucky enough to have parents who give you money from time to time, especially while you’re getting started in life, that’s different. If there are no strings, and it comes from the heart. But don’t accept any form of loan that needs to be repaid.