The shame and disgrace of debt has always been borne by the inability to repay your debts. If credit was a virtue, financial failure was not only dishonorable but was felt to be indicative of more disgusting character traits. Uncontrollable debt made you desperate and could lead to lying, cheating and the anti-Christian idolatry of gluttony, also known as Mammon. From the 1700s on, credit was easily available in America at the grocer, doctor, supply house, all tradesmen, etc. There has never been a shortage of credit in this country.
Credit is as American as it gets.
America was the great credit society at first because we needed capital to produce goods. Later, our thirst for credit exploded due to our desire to have greater and greater luxuries. The desire for luxuries is not evil or bad in itself. Today we don't think so, but in Europe of the 1400s homes were not built with chimneys. And in the 1500s, if you had glass windows in your castle, you took them out when you left so they would not become damaged.