That was my thought too. I guess OP was trying to distinguish between debt deliberately incurred vs wasted. But maybe a better way to think about it is "levera

That was my thought too. I guess OP was trying to distinguish between debt deliberately incurred vs wasted. But maybe a better way to think about it is "leverage" vs "debt". Leverage is something you use to improve the product with a known and (hopefully) quantifiable return, whereas plain old debt represents those poor non-decisions.