Debt is often central to nancial decision making, and it plays a key role in nancial counseling and planning. It also raises important ethical questions for individuals and families, small businesses, and lawmak- ers. Which forms of debt, and at what levels, are most con- ducive to nancial well-being? Does nancial literacy— such as understanding the often complicated terms of debt—contribute to nancial success, and is there any cor- relation with ethical behavior? Which policies would best support individuals and families as they acquire, repay, and sometimes default on debts?