I suspect profligacy and indebtedness are criticized on the basis that many people who practice them come to regret it later, no matter how much of a good idea

I suspect profligacy and indebtedness are criticized on the basis that many people who practice them come to regret it later, no matter how much of a good idea it seemed at the time, when they end up in poverty. A bit like how smoking cigarettes and/or eating an unhealthy diet and/or not taking exercise can lead to health problems.