> When you live in a stable society and have gotten a free education and a nice job
The education isn't free. It's covered by taxes so you, and everyone else, pays for it for a long time. There's quite an expense to have the instructors, buildings, etc.
I'm glad you think the people who haul away garbage, are plumbers, are electricians, etc have nice jobs. Those jobs exist and people do them in those stable societies.
> paying a mortgage instead of debt
A mortgage is a form of debt.
> Contrast with a society where the average education might be lower, less people having a stable job in a slow labor market, and if you lose your job there is no safety net.
This is where things get weirdly complicated. Where I live there are safety nets. The state has said that only about 10% of what's available is used. Where there are safety nets many people don't try to use them. I know people who complained about a lack of safety nets and didn't take advantage of the ones available to them.
> Hard to get a loan, so end up renting for longer, and in turn have a lower average debt.
It's far more complex than that. For example, businesses are buying homes up for far more than asking price and what most people can pay. So they can turn around and rent them. This is all driving up the asking price for homes.
> Debt can be a proxy for a well working society, as you have the means to invest in your future, not just putting out short term fires.
This really depends on where debt is. In the US a lot of debt is to fuel consumerism. Or, to have more things now. A lot of the parts of society drive people to this. It's become cultural.