It can obviously be a bit hard on the body and you should avoid getting addicted to alcohol or other substances, but I don't think there is anything inherently wrong with it..
This is basically what I'm referring to. I had a lot of fun partying and I think it was a great way to network and to mature socially, However, I admit that I did have a couple scary moments in that I almost died from doing too much, or I realized I was addicted and had to go through a period of withdrawals.
I was a hardcore party type in my 20'. Some say that I overdid it but I have no regrets. I am now in my 40' and still party.
Debt is a tool and nothing to fear if you know how to use it. Many fortunes have been made with debt. Many lost as well.
And the drugs, yeah that's pretty spot on. Careful with those.
The key is knowing that you're using a tool. It seems to me that many people just start borrowing, the same way they suddenly start being attracted to the opposite sex. "Oh, it's just a mortgage, and house prices go up." "It's just my second credit card, of course I can pay it off in three weeks."
Good debt is a conscious decision, made when there's a strategy, not as a default path. Overall, it seems prudent to ask people in general to not go into debt, so they are more willing to think it through. Rather than just going with the flow because the store clerk said "you can walk out of here with both the jewelry and a credit card with a $20k limit!"