So, as we watch the economy go up and down, the worst thing we can possibly do is get into unnecessary or excessive debt. Why? Because if we lose our jobs, we may be unable to pay back the debts. Then we can lose our cars, our homes, and so forth.
I remember watching The Grapes of Wrath in high school. The story is about some farmers who are unable to pay their debts and lose their farms--something that happened to many, many farmers at the beginning of the Great Depression. I'm not saying that all their debts were excessive, only that no person who has any debt is truly financially self-sufficient. The moment they can't pay, they are at the mercy of their creditors.
So, my personal ideal is to have a moderate-sized house bought and paid for after, say, ten years of marriage. We'll see if that's feasible with my family size and my career, but that's my goal for now. Let's all follow the modern prophets' counsel and get out of debt.