Debt is an interesting topic for me at the moment. I'm pushing 40, and I see a lot of people my age and younger that are working furiously to get out of debt (myself included). A lot of people older than me have already made it there. I don't know if I see more of it because it's my mindset, or if there are more people who look at debt differently than we did 20 years ago, or differently than their parents did. I've never liked debt, but there have been times in my life that I thought it was a necessity.
I've also talked to a lot of people in the their mid-twenties that seem to be a lot smarter about debt than I remember people being on average 10-15 years ago. Most of these kids are actively saving, buying used cars and driving them longer, buying reasonable homes, etc., etc.
I say all that to say that I've been having some of the same thoughts that Greg mentioned, though not nearly as coherent or well formed
, but in my little bubble, there are fewer and fewer people taking on debt. Even companies are buying with cash. At least equipment valued in the vehicle range down. That's despite money being so "cheap" these days.
The housing market is another oddity here. There aren't enough contractors to keep up with the demand for new home construction, and the "contractors" have come out of the woodwork. It's at the housing bubble pace here with no signs of letting up. I think people are just buying less house with the new mortgaging rules.