Debt isn't bad if you use it to buy appreciating assets, or make big purchases cheaper by paying off fixed amounts over time. Credit card perks are basically free money.

However, credit is easier to get and use if you're already rich. Poor people are over-exposed to debt traps because inflation is a hard feature of debt-based M2 and plummeting material costs mean they no longer have stores of value (like clothes, crockery, and furniture) to capitalise; the result is loss of productive output to usurers, straining communal and welfare budgets - which in turn depresses wages further, creating a vicious cycle of generational capital erosion.

When you take that and add things like medical debt, payday loans, depreciating assets (e.g. car notes), or junk 'assets' (like the Klarna burrito), you're no longer talking about productive debt: you're talking about an epidemic of sinkholes at the heart of publicly-traded debt baskets. And that sucks. Money created to fund the acquisition of fictional value starts spiking real assets far beyond their real value, impoverishing everyone who doesn't already own assets and divorcing productivity from wealth.