I'm no expert, but I've always understood that to be basically true - that our entire system depends on debt because debt is how money is created and our system depends on that process in order to avoid falling over itself. It's part of the magic of fiat money, I believe. If our money was based on a physical good (say, gold), then I don't think the same rules apply.

Edit: I'm doing my part in aiding the collapse of civilization by not carrying any debt. (Except for my house - but I wish I didn't even have that one hanging over my head.)