If we're married to the financial debt analogy, then technical debt has compounding interest like a payday loan... and payday loans are typically used in very distressed circumstances, and are very dangerous. There's appropriate times to take a payday loan, and there's appropriate times to take on technical debt, but it has to be handled with great care and be an immediate wake up call to address the underlying cause.
The more insidious kind behaves more like a completely unhedged call option - fine, until it very suddenly isn't.
Of course it is different for a steady-state company or organization. You need to keep technical dept at a manageable level.
How many successful companies actually do this?
At one point in my career I transitioned from a startup to one that had been acquired some 12 years before, and found it to be even more chaotic than the startup. Instead of playing a frantic game of whack-a-mole with all the pivots and feature ideas of the founders, you had a few dozen teams playing whack-a-mole with the pet projects of their respective product managers who were trying to make a name for themselves. Which was much worse because you had to coordinate with every other of those teams, and of course work with all the integrations with the parent company.
Charitably speaking, maybe these older successful companies are bad simply because the field of software engineering was still too immature when they came about, and today's startups will actually pay back their debt when they become successful in the future. Sure, we have better tools now than then, but we still don't have a static analysis tool that can determine if we built the right or wrong thing for an ever changing market.
Take Facebook: They build an empire on PHP. Now they have built some clever compilers on top on PHP in order to make it safe and performant without breaking their existing piles of legacy code. Overall this is probably ridiculously inefficient compared to just using a safe and performant platform from the beginning. But using PHP in the beginning allowed them to move fast in the critical growth phase.