Benefit of d(ou/e)bt??

This afternoon I have come across an article which talked about the debts and how nefarious or beneficial it could be.

Beneficial ones ( from the catchy notes):
The problem with debt is that it creates huge invisible opportunity costs: True to the core. I mean how many of us actually got indebted in home loans in the hope of getting into a long term investement or asset. How many us getting into educational loans in the hope of reaping good benefits due to better education and so on.

Why Nefarious?? Do I need to tell it explicitly. Ask the folks who got their home loans in HDFC or ICICI Banks at 13.5% floating rates, just to give an example. *lol*

How to avoid them - one simple point:
The easiest way to stay out of debt is to avoid taking it on in the first place. How true?? But how much impossible it is to do away with the debts. I do get into some good debts and bad ones, as they are tough to avoid sometimes. I got into this TATA INDICOM CDMA connection with the phone using Standard Chartered credit card using monthly EMI's of 0% interest. I was happy that I striked a deal but I later came to know that the money I have paid for the connection was 35% more than the actual retailer's price.

One of the catch note I got from the article is : Indetured Servants: Wikipedia says, The laborer is under contract of an employer for usually three to seven years, in exchange for their transportation, food, drink, clothing, lodging and other necessities. Unlike a slave, an indentured servant is required to work only for a limited term specified in a signed contract. Hey!! doesn't it sound like an employee of outsourcing partner!?? No offense, I am in B1 too!! Also beware, Indentured servitude was not the same as the apprenticeship system by which skilled trades were taught, but similarities do exist between the two mechanisms, in that both require a set period of work

Having said the above points, couple of thought provoking points :
1) What are you currently doing to manage your debts?
2)What do you do to keep yourself from taking on more?

I am still thinking. But if you knew it already, Please do share your thoughts in comments. otherwise, sit next to me and join the queue of thinkers.