Final answer:
Delaying debt repayment generally results in higher costs due to accumulating interest, and this can contribute to growing budget deficits and may lead to economic instability.
Step-by-step explanation:
When we wait to pay off debt, the cost of the debt tends to rise due to accumulating interest payments. This is similar to how a budget deficit grows if we increase our debt but keep other government spending constant. Generally, as debt increases, so does the cost of servicing that debt unless the interest charges are somehow negated or reduced, such as by making payments that cover at least the interest charges. In the context of government finance, allowing debt to grow unchecked can also lead to a higher debt-to-GDP ratio, which may create uncertainty in financial markets and potentially drive a country to inflationary measures to reduce the real value of the debt.