Just the amount of debt isn't a great indicator, you also have to look at the interest rate. And those are all over the place in today's world.
The European Central Bank's refinancing interest rate is currently a negative -0.4%. If I could have a line of credit at that rate, I would take all I could -- for every million euros I borrow, they would pay me 4000 € / year in interest!
I agree, I'm not talking about mortgages or even reasonable student loans here, there is a good change they will generate value for the borrower. It's more about unsecured and underwater debt, that car that is worth 10k but you owe 25k on for example.
The European Central Bank's refinancing interest rate is currently a negative -0.4%. If I could have a line of credit at that rate, I would take all I could -- for every million euros I borrow, they would pay me 4000 € / year in interest!