The fact is, guilt, just as physical pain, is a good thing. They both keep us from harming ourselves; pain-our flesh and guilt-our spirit. But guilt goes much further than protecting our conscious, it takes us much further by taking us to the cross. And it is there, at the cross that we are able to find the most precious gift of all, redemption.
But the cross stands against the exaltation of self. To reconcile this, the self-exalting individual will seek comfort elsewhere. One of the common places of finding vain spiritual comfort is the words in the Bible: "God is love". Assuming our self is the center it is easy to think that God is love because he loves US. But it should also be considered that God would still be love even if he didn't love US. These comforting words can also be deadly without the full counsel of scripture. There is a down-side of "God is love". That down-side, as well as the glorious side, was put on display at the cross. It is here, at this horrible, bloody and cruel display that we can see the reasons that we know in our inner being not to demand of God: "give me all that I deserve", for we are actually looking at what we deserve.
Our guilt reminds us of our wrong actions to others, which according to scripture, are wrong actions against God. While the self-exalting person is willing to pacify his anger at someone else with the assumption that justice will somehow be exacted by God, or some other cosmic force, he seldom brings to the forefront of his thinking the wrong he has done to others deserving of that same justice. But when he does, it is a good starting point, for it might well be that he has stumbled onto the "narrow path", a path that leads to a place where something this world sees as foolishness and ugly, the cross, is seen as liberating, wonderful and glorious by those who understand what it reveals.