Yes, if it's due to the factors you mentioned or the COVID-19 pandemic, you're right. Everyone does it because they have no other choice. Some are forced into bankruptcy and debt for various reasons, such as borrowing to pay debts, pay employees, and other reasons, depending on their business and circumstances.
However, under normal circumstances, as I mentioned, it's all for the best. I've been through it myself, and what I call debt is nothing more than seeking available capital by finding other ways to minimize the amount of borrowing needed, such as selling something valuable or other ways to raise capital. And if that's still not enough, a loan is the best solution, so try to avoid debt as much as possible. If that's still not enough, and perhaps only a few percent are left, say 35% or 25%. And that's a small loan, and you definitely have the ability to repay it because low interest rates allow for higher business profits after you've paid off the installments.
The Covid-19 pandemic created an economic crisis all over the world. In my country, many businessmen lost everything. Only those who did business in the medical sector were able to continue their business to some extent during this time, while the situation for the rest was dire.
And lastly, I agree with what you said because taking a loan is not a bad thing if you have no other way but to recover rather than going completely broke. I have already said that taking a loan is only bad when we spend it on unnecessary expenses.
Taking loans would be only that worth if we do make use of it on applying it into making some business or investment, but if you are that taking up a loan just to buy with those liabilities then you are just that simply digging your own grave. Its important that whenever you are deciding on taking up a loan then it will be that recommended that you should make use of it on something that could benefit you in the future or in long term. You shouldnt be that making yourself that getting tied up into buying those shit things that doesnt benefit you out. There are just that those times that you are that wanting to buy something because of this and that but you should be always considerate into the potential effects on which it could happen into your life. Always make sure that your decisions wont be putting you out into a tough situation.
Businesses on those pandemic times then you can be able to pinpoint on which one will be able to survive out those times and becomes profitable. Each situation will be having that corresponding effect on things around, so it is that being anticipated on this case.