Debt gives the illusion of prosperity that has not been earned.

Too many people are only interested in keeping up with others and giving the appearance how well off they are. The only decision they have to make is if they can afford the monthly payments.

Up to their eyeballs in debt but it all looks good to their neighbors and friends.

I'm often reminded of yet another story of Granddads from the past.

A farmer in his shabby overalls went into the bank to make his deposit. After he left some of the people in the bank were commenting about his shabby appearance  and how he ought to clean up and be more presentable before coming into their nice clean bank.

The bank president heard the conversation and said that man could buy this entire bank and we are very glad to have him as a customer.

The point being many live ostentatiously and with great flash and flare to give the appearance of how much they have. Others  can dress like paupers as they have learned the value of money and real wealth but could buy and sell the flashy ones all day long. 

Not all debt is bad. Borrowing for capital expenditures or assets that will be productive and will earn their cost back over time is okay. 

Borrowing for consumption or for items that lose value is a very poor choice. Flashy cars and trucks and homes come to mind. A house is a place to rest your head, take a shower and go to the bathroom and to get out of the elements nothing more. Too many have been conditioned to think it's some sort of magical investment vehicle that can be tapped for additional money via home equity loans. From the moment a vehicle or home is built it begins to depreciate and break down losing value. Only through maintenance and additional expenditures can you prevent this from happening. So both are necessary evils but should be seen for what they really are which is a drain.  

You see this conditioning of people to accept debt all the time.

Get the car, TV, house, truck, ATV motorcycle ,furniture you deserve low payments and zero interest for X amount of months.

Sorry you don't deserve anything. The ability to borrow should be predicated on a proven track record of repayment and showing that you are prudent enough with your money to save and make the payments. Better yet save on your own and pay cash for something. In the days before easy loans and credit cards if you did not have the money you saved up from what you earned to buy something you wanted. Today however the easy credit pulls demand forward via easy and loose credit which gives the illusion that the economy and society is doing much better than it really is.