I even chat up with one of my friend in the states (Texas) about this problem almost 8 years ago. One, disturbing case is where people pay credit card debts with another credits agency!
I mean, what happens to the wise old saying of living within your means or keeping yourself honest and refraining oneself from being in debts. What happens to the good ol savings virtue?
I think it's a sickness. It's a case of terrible virus. We should try to cure it and nipping it at the bud is how it's needed to be done. I think, we should start right from the beginning and to our young ones. If savings and living within our means are not taught to our children then later on it'll happen all over again.
The current economic crisis is proof of our fool hardy ways. We still have the chance to learn and make things right again. Now, is the time for change. Change now or things might get worse then they already are.
So, think about it.
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Have a nice day.