One aspect of all debt "good" or "bad" is that it is a bet against the future. When you take on a debt, you're betting that you'll make enough money to repay. You're betting that Old Man Murphy (you know, of Murphy's Law fame) will ignore you and not send misfortune your way.
I generally think debt is bad. I'm not going to say every debt in every circumstance is bad, but from my perspective it seems most misfortunes in my life have coincided with taking on unwise amounts of debt.
- - - - in a credit-scoring postnuclear Stone Age...
I agree with NewWorldMan. Most folks will have a period of time in their lives where they will suddenly find themselves without an income--or a marked decrease in income. Could be many things causing the loss--layoff, severe car accident, serious medical illness, death of a spouse, an act of terrorism, or many other scenarios.
One thing remains the same, debt will not be a friend in these times. Debt is spninding your money b4 you get it. Sometimes it's best to save up for a big purchase, instead of just charging it!