From an investment point of view, when any asset market (stocks, bonds, RE, small businesses) is full of non-mustachians doing silly things with leverage (debt) and driving up prices we're at a disadvantage because we can't put our capital to good use. When the bubble bursts, there are big opportunities for those with cash and knowledge.
From a societal point of view, massive consumer debt makes me worry about what sort of future we're leaving for the next generation.
Interesting about Canada-is mortgage debt literally a "death-pledge" that can only be discharged on upon payment? Nobody was walking way from RE here either until they realized how bad the situation was-it made more sense for them to take the credit hit than to continue the payments. Even if a person cannot walk away, I assume the bank takes it back at some point if they don't continue paying.
If you think a bubble is coming, start saving and educating yourself. The bust was very good to me and my family because our debt structure was low, even though we didn't see the bubble, or understand that it would burst.