A seasoned colleague just wrote this and I think it was very valuable:

On tech debt:

So the big challenge with technical debt is making non-technical management (CEO, COO, CFO, directors) understand what it means, and just how it operates. Sometimes it actually makes good sense to incur technical debt to get to market sooner, just as it sometimes makes sense to borrow money to get cash now and repay that loan later with (hopefully) resulting greater revenues from that investment. But just like a loan, tech debt always has to be paid some day. The longer the tech debt goes, the more expensive it gets. And also like a loan, the cost compounds, like compound interest on a loan. Tech debt should always be chosen with a clear plan to pay it off at some point in the not too distant future. The longer one waits to pay it, the more expensive it gets.