In your debt: 3 times debt can be a helpful tool

In some corners of the personal finance advice world, getting into debt is just about the worst thing you can do. Still, there are times where taking on debt serves a purpose in your overall financial picture.

Still, there are times where taking on debt serves a purpose in your overall financial picture. Debt isn't always bad, though there is always a risk of getting in over your head. It's simply a tool you can use to afford a very large purchase without draining your savings.

"I think it's so important for people to not be afraid of debt, but instead to look at it as something you can use to your advantage," says Kara Duckworth, a certified financial planner and managing director of client experience at Mercer Advisors.

Here are a few examples of when the ability to borrow money can come in handy.