Only in our minds. We have way to much social pressure to live beyond our means deep in debt.
Who really cares if we drive a 10 year old car and don't flash the latest fashion. At the end of the day those who are living debt free have the most respect from those who could only wish they could get out from under a mountain of their own debt, or keep from going bankrupt.
Once you reach debt free status the pressures of social status just seems to no longer be important.
Keep a good helping humble personality towards others and you will have the types of real friends that you need.
The others from snobsville that only come to crash your party eat your food and drink your expensive wine will still criticize, make fun, and then leave you the mess to clean up.
Check out my Hubs, I have written many Hubs on frugal living.