How was debt viewed by most Americans prior to the 1970s?

Before the 1970s, debt was predominantly viewed as something to be ashamed of. The cultural attitudes towards debt were significantly different from those today; people believed in living within their means and considered debt as a burden that could jeopardize one's financial stability and personal honor. This mindset was rooted in societal norms that emphasized fiscal responsibility and financial independence. People believed that accumulating debt indicated poor financial management, and thus, individuals sought to avoid it whenever possible.

In contrast, the other perspectives held by some over the years, such as viewing debt as a necessity or a prideful achievement, did not align with the prevailing attitudes of the era. Many families were more inclined to save and budget carefully to avoid financial liabilities, leading to a collective stigma around borrowing and debt. This foundational attitude towards debt shaped how individuals approached their finances, influencing behaviors regarding spending, saving, and the overall management of money.