Debt is a fact of life, and believe it or not, it can be good. For many people, debt in the form of student loans paves the way for a better education and a good career. Debt allows us to own a home. Without personal loans, we would have to save up the hundreds of thousands of dollars for a home!
While debt allows us to enjoy a good lifestyle and lets us afford important things (such as medical care or a home) too much debt is a bad thing. Too much debt can leave you scrambling to pay your bills and can cost you a lot of money. It can sink your credit score and make you worry.
There are also different types of debt. Student loans and secured loans such as mortgages tend to have a high value of return (you get something valuable for these loans) and tend to have low interest rates. More worrying are credit cards, unsecured personal loans, payday loans, and other forms of lending that have high interest rates. You want to keep these loans to a minimum.