I came across this Business Week video entitled Frugal America, which is basically an interview with a family that used to be $800 in the hole each month (thanks to a home equity line of credit, apparently). After a few cruises, yearly trips to Disneyland, and countless restaurant meals, they found themselves over $100,000 in debt! This video details what they did to get themselves out of debt and more importantly, how they learned frugal new habits that will hopefully keep them out of debt!
It's interesting that by the end, the interviewer is comparing the increasingly frugal habits of contemporary Americans to the way their grandparents lived during the Depression. Will we revert to our old super-consumer ways when the recession finally lifts? Only time will tell!