Personally, I chose to remain debt free at all times, can't stand interest, or bankers for that matter, and I don't want to get caught in that evil downward spiral. I don't owe anyone jack sh*t and love it that way.
If that's your choice, then good for you. For other people, borrowing money can be immensely helpful. Debt is not intrinsically an "evil downward spiral," just as a hammer is not intrinsically harmful. Irresponsible use of any tool will tend to cause pain, but one shouldn't blame the tool itself for improper usage.