Space junk is a major problem for orbiting satellites, including space stations and shuttles. Even a fleck of paint moving at orbital velocities can hit with forces similar to a bullet from a high-powered rifle. And unless it decays in orbit, it'll remain up there for decades or centuries. What's worse, each launch puts more and more of this junk into orbit. And the more there is, the more likely are collisions between junk and other junk, or junk and satellites, etc., which, as jellico said, would just create even more junk bodies floating around a thousands of miles per hour. So as time goes on, the danger for future missions will only increase unless we can find ways to nudge the debris back into the atmosphere, where most of it will burn up.