There's an argument that it's only technical debt if you're paying interest on it. i.e., it is costing you something: time, pain, preventing improvements, etc.

There's an argument that it's only technical debt if you're paying interest on it. i.e., it is costing you something: time, pain, preventing improvements, etc. Consider a financial instrument that is interest only on a perpetual timeline, and you are not required to pay down the principle. If the cost of paying the interest forever is still less than paying down the principle, why wouldn't you just keep paying interest? Like you said, it takes an experienced, competent leader to make a good judgement about what the true costs are either way.