There are very few cases in which being in debt is a good thing. This is especially true of depreciable assets, or those which lose value over time. There are some debts for which the benefits outweigh the cost (on appreciable assets, like your brain when you pay for schooling, for example).
Today, two links concern the bad kind of debt. First, credit card debt, in an interactive calculator. Put in your numbers and see. Being in credit card debt, which generally is debt accrued by spending on consumable/depreciable assets like food and clothing, is almost never good. A good rule of thumb is to pay off your credit card every month, and to only use it to buy luxuries, if you do such things.
Your second interactive debt chart is that which is taken in income taxes every year. Notice how much goes to interest on the national debt, as well as Social Security and Medicare, debts that you pay now and if you are under 40 will probably never receive.
As fun as the above links are, the point I want to guide you toward today is that debt is the great economic equalizer, and the government has been pushing debt upon the people as a drug dealer pushes drugs on junkies. The only way to come out of the high is to experience extreme lows, which are sure to come soon, after the current manipulated boom subsides…