That doesn't sound all that different from turn-of-the-century America, where debtors were often forced to work for their creditor until the money was paid off. I guess the difference is that now it seems like everyone's a debtor, but if you choose to live by the standards someone from a century ago, you have much more freedom and purchasing power, not less.

(Seriously, when did living debt-free go out of style? If my grandparents wanted something big like a summer home, they saved for it, they didn't go out and get a mortgage.)