I know people who practice this lifestyle. Personally, I've had a hard time understanding this choice. I know that I would be filled with angst carrying all that debt. I remember my husband telling me that he knew people at work who bought all kinds of "toys" on credit because of the plentiful overtime that was available. As soon as hours were cut, or there were layoffs, there were "fire sale" sell offs of all those "toys".
I know of young people, newbies to budgeting and credit, who ran up bills they could not pay off. More than a few ended up relying on family to bail them out, or they simply walked away from their obligations.
The availability of easy credit is certainly to blame because it enables easy debt accumulation that can get out of control. Despite easy availability, the consumer still needs to "own" up to the consequences of their actions. Spending more than you can afford on a regular basis is directly related to your own choices.
Naturally, responsible use of credit is helpful in attaining goals in our life (ie buying a house) but using credit to get it all and get it now leads to trouble.The link below talks about some interesting life lessons and outlines some personal motivators for making the choices that sink our budgets. Advertising and marketing is a topic I will write about in the future. Advertising targets living a life of indulgence that is hard to resist. I think we all have been tempted at one time or another with this type of thinking. Marketing experts are adept at snagging our attention and swaying our thinking. It takes discipline and maturity to say no to these influences. Exercising care and planning for purchases, and delaying gratification are critical skills needed to successfully move forward in life without getting into crippling debt. Being good role models for our children and teaching them the habits of planning, saving, and delaying gratification will help develop responsibility in our children. It will get them off to a good start in life. "Lessons Worth Living" found at the end of the linked article offers great insight into this subject.