Here is a quiz. Identify the following as good or bad debt:
Student loans
Government debt
US dollar carry trade
mortgage
car loan
credit card debt
margin debt
I.O.U.
Gambling debts
Home equity line of credit
business line of credit
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The Righteous Investor 
According to the dominant historical Christian tradition, all of the above (with the possible exception of I.O.U.s) are bad forms of debt.
xoxo
But different views appeared at the Reformation…
My answers (short form):
student loans: good if you get a job that helps you to pay off the loan in a timely manner and the education was necessary to get the job; bad if you can’t find a job and have to live with mom and dad after graduation (as we did).
government debt: almost always bad
US dollar carry trade: good in the current climate if adequate investments (which cover all interest payments) can be found
mortgage: usually good
car loan: Usually bad, because it is better to buy a car that one can afford without debt–unless the reliability of the car is necessary.
credit card debt: always bad
margin debt: Can be good, but a one must leave sufficient margin or have cash or credit from another source to back it up.
I.O.U.: depends. Probably usually bad and something to avoid if possible. But sometimes it is impossible to avoid it.
gambling debts: This is probably worse than credit card debt and can get your legs broken.
Home equity line of credit: Good if used for wise investments; bad if used to pay off consumer debt.
business line of credit: Good if used as a bridge loan to cover costs in filling orders; it can be a trap for businesses with inadequate cash flow.