Of course you should use it when you think its appropriate. For example, if you left your boots on the ground, it would be appropriate to describe them as "boots on the ground". If you are talking about the historic center of a city, call it the "inner-city".
But for the examples you gave upthread, it would be more accurate and useful to say "ruined credit" (and in that case, it's really only for some years) or "ruined marriage".
If someone spent their life in prison and lost their mind due to a wrongful conviction, I'd call that a "ruined life". And if you feel your life is ruined, you should say it.
But I read the phrase "ruined life" and I really don't think it communicates anything except for "bad thing". So why not just express the value judgment and say "That's bad and here's why" rather than trying to describe a life as "ruined"? It's another phrase that has lost whatever meaning it once had.