If you're correct that a social aversion to debt will develop, then debt will become cheaper as demand decreases, at least after banks have money to lend again.

If you're correct that a social aversion to debt will develop, then debt will become cheaper as demand decreases, at least after banks have money to lend again. In that case, it seems like swearing off debt as you suggest would be passing up a bargain. Debt often makes sense.