Views of debt, past and present

Not too long ago, being unable to pay one's debts was considered unseemly. Debt was "ungentlemanly," and those who were found to have gotten in over their heads as a result of making bad choices often took a tumble down the social ladder. For example, I recall something of the sort happening to a character in Edith Wharton's novel The House of Mirth (one of my favorite scary stories for grown-ups). It seems only recently that living beyond one's means has become not only accepted but even "fashionable," glorified in shows like Sex and the City.

I initially wondered if a return to the view of debt as being harmful to one's personal reputation (and not just one's credit report) would help America's debt problem. However, after some thought I decided that it would likely only lead to old-fashioned snobbery.

What do you think?