A quote from Charles Dickens from the 19th century and still valid nowadays. All you need to do is change the amount and the currency.
“Annual income twenty pounds, annual expenditure nineteen nineteen and six , result happiness.
Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery”
― Charles Dickens, David Copperfield
Several problems with borrowing money is
1) it has to be repaid with interest.
2) Eventually nobody will lend money any more, so what happens then?