It's essentially the problem of good vs bad debt. Anything that will help society or the economy grow is good but things like propping up declining companies is bad debt. In our society and how the targeting is working, most of it is not going towards good debt.
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I guess you are saying debt that is used for productive versus non productive purposes. That is true to a degree yet both require servicing. Even good debt has payments tied to it. One could make the case that good debt is profitable but that isnt always the case. What people term good debt does not always lead to more economic output.
In fact, bad debt, like credit cards, can increase economic productivity. The problem is the future payments will suck more out than it puts in.
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