I don't think it's quite that simple. Society does enter into it...because you are bidding against others in your society when you buy a house.
A book called The Two-Income Trap describes some fascinating research. The rise of the two-income family has created a bidding war for housing. Instead of making families wealthier, it's impoverished them.
The people who get into trouble financially are generally not the ones charging big-screen TVs on their credit cards. Those people generally do okay, because when push comes to shove, they can cut back on their spending easily enough.
The people who get in trouble generally do so because of medical bills. Moreoever, most of them have health insurance. Even with health insurance, medical care is so expensive that the deductibles, fees, drug copays, etc., are enough to drive many families into bankruptcy. Unless you're Bill Gates, you can't afford to get sick in this country.
I suspect it is that that keeps most people tethered to jobs they don't like. The fear of losing health coverage. I suppose in the old days, it would be easy. You'd either get better, or you wouldn't. It wasn't unusual for entire families - a dozen kids - to die in epidemics. Today, parents expect their children to live to adulthood. And no expense is spared toward that end.






I remind them that not only did I earn that degree, I worked full-time for 20 years after I earned it. I paid for my education myself, working my way through school, and I paid back every cent of student loans I took out before I quit my job.



