I see it as recycling of debts, it's something unplanned but the need is what warrant it and we are left with no choice than to loan or borrow and then due to high interest rate we may find it hard to pay back. I think borrowing for useful reasons is better of more especially borrowing to either start or boost ones business but paying close attentions to everything to avoid accrued high interest rate would be life saving.
Basically, inflation allows this, and if you live in a nation with higher inflation and rates are not changing much, it actually works. How? Well you make a 100, take a 120 debt, you can't pay, then you get to next year, you start to make 120, you can pay, due to inflation, so you pay, but get 150 now, which you can't pay, then you get to next year, start making 150, can pay, so you get 180 next.
See the pattern there? It's clear that we are not going to end up with trouble that much if we know what we are doing or dealing with. Most people do not deal with this kind of debt thinking with inflation. Most of the time the way to improve your life is to make money this kind of way, if you do it then you can get richer with time.