Taking loans is actually a good thing if you do it for your own business progress and extension. Even rich men are doing that and made them wealthier in the society. However, if you become dependent from taking a loan and even include that in your budget, then you will never easily get out from that situation. Instead, it will make your life harder to live due to high interest and monthly amortization, which means all your hard-earned income will only be used to pay for it and leave nothing in your pocket. So you take another loan again, and that cycle will only continue as long as you don’t manage your finances well.
What happens is that the rich know how to use such a financial tool while the rest of the population does not, asking for a loan for a productive activity or for an asset that reevaluates in value over the years for a low interest rate is a good decision.
But the majority of the loans given today are consumer loans, loans which are given to buy stuff that people want but that they do not need, and such kind of loans are terrible as you end up paying for the same product several times over and you only make the bankers richer while you make yourself poorer.