Franklin places debt even before lying in a deliberately provocative ranking of vices. The connection is that borrowing creates obligations, and a person who cannot meet them may be tempted to make excuses, conceal the truth or give promises that cannot be kept. Debt is therefore presented not only as a financial burden but as a condition that can place pressure on honesty and independence.

The saying reflects Franklin’s strong preference for thrift and caution about borrowing. It should not be read as claiming that all debt is morally wrong, since borrowing can be necessary or economically useful. His broader warning concerns debt taken on without sufficient means or discipline to repay it. Financial obligations can affect behaviour as well as finances, so avoiding unnecessary debt may also reduce situations in which a person feels driven to deceive others about what they owe or when they can pay.