It is true indeed to some extent but debts are not entirely bad. They give an opportunity to have something you can ever dream of. For example, a middle-class guy who has lived on rent with his family till he gets the job will obviously dream of buying a house for parents (including himself) before they pass away. Well, the job can't do that but a debt can. So, ultimately, you will have to sacrifice something if you want to get happiness.

People say money is not happiness but if we look at a broad term, it indeed is!