It's NOT about paying the debt, but BEING ABLE to pay the debt

This is true for corporations, individuals and governments:

➖ For corporations, debt provides a tax shield (interest payments is an accounting expense)

➖ For individuals, it allows to front-run price increase in a monetary debasement/inflationary economy

➖For governments, it allows for more flexibility in pursuing their macroeconomic, social, geopolitical and monetary policy goals.

Why do you think central banks have gold and foreign currencies in their balance sheet backing up their local currency? It's about having enough assets and liquidity to cover your liabilities.