Debt borrows from the future economy
There are some pretty disturbing graphs on debt on dshort.com.
I have never been one to like short term debt, always paying back debt for anything but mortgage very quickly. Credit cards are always paid in full each month.
The way I look at debt is I compare it to how it messes up future choices in household spending. For example, a couple times I have had the money on hand for a purchase and there has been some "do not pay now" promotion, and/or a percentage back if you buy it on their credit card. When these purchases come due they always mess up financial choices and decisions. They are for something you bought 6 months or a year ago and now you want something else, but the money has to go to pay off the debt (at least in my household). So, it is always a squeeze on future disposable income, or there are just other bills that come up at the same time.
For my choices I have always take the short term pain and gotten rid the debt and refrained from spending. The debt charts show that that is not the typical choice for many. But eventually the debt catches up and you can't continue to add to it and people can not continue to spend beyond their means. Those charts show that many people are not left with little choice and must face big, long term pain now. That simply has to leave the economy sluggish for a long, long time.