As one of the 6 million who had to file bankruptcy due to the crash of '08, I can definitely tell you I am not rushing out to go into deep debt. I am finally getting my credit score up, and have opened a few credit cards just to use for the cash back and points, and never carrying a balance.
I will not buy a house now, after having been through one crash, and seeing the same signs. Besides, housing prices are sky high right now. Instead of debt, I am saving up in cash, gold and silver, and bitcoins. When it all comes down, I'll buy a house for a fraction of the cost now.