I knew a Jesus Freak back in the seventies who after reading Lindsay’s book “The Late Great Planet Earth” determined that going into debt having and maxing out up credit etc... was perfectly acceptable because the Earth was going to end and we were all going to get sucked up into a cloud and life was good.
I have heard that he finally straightened up his financials and was selling pipe in the oil industry and doing quite well actually, but the mindset back in the seventies for him really was an interesting thing to observe.
I sort of see that today with the college loan debacle. Thankfully I was able to pursue my own degree with my own money and not burden my lower middle-class parents with a sizable debt. Especially a debt that could have been incurred on a young man that really did not have the drive or the desire at that point in life to make the most of a formal education.
So, I was (became) able to spend a few years experiencing life (thank you U.S. Armed Forces) and accepting my values which helped to develop my values and then going to school on my own and making a much better use of that educational opportunity than if my parents would have been gone into debt (which they did not deserve).
As for your friend, it looks like legalization of pot really isn't such a good idea.