People talk about “good debt” and “bad debt”, but really, how good is any of it if you cannot afford to make the payments. Traditionally, good debt is considered the mortgage on your home and student loan debt. Your home is supposed to appreciate in value and your student loan debt is supposed to increase your earning potential.
Right now, many homes have lost value and individuals are not able to refinance them at a reasonable interest rate since they owe more than they are worth. There are also many people with college degrees that are unemployed or are working for a wage far below their educational level. Bottom line is if you have debt and you cannot afford to make the payment it is bad no matter what kind of debt it is.