You need so many qualifications around that statement, you'd be a PhD by the time you'd finished with it.
There's nothing wrong with borrowing a sensible amount of money to buy a durable item, so long as you produce a close duration match between the useful life of the asset and the life of the loan.
The "Equity, mate" ads, designed to convince people to buy cars they'd have for 3 or 4 years, on home equity loans which they'd probably be paying off for 20 years (long after they'd had to buy a few replacements for the original car), were disgraceful and immoral.
