That is absolutely correct, paying back debt has existed nearly as far back as we have recorded history in the form of slavery / indentured servitude. But, not

That is absolutely correct, paying back debt has existed nearly as far back as we have recorded history in the form of slavery / indentured servitude. But, not to put words in OP's mouth, I don't think that's what OP was saying. Baby boomers have normalized the concept of average people using debt to get things they want now but can't afford, and millennials are the first generation that has grown up with it pervasively. Debt is a powerful tool for enabling opportunities when the decision is highly calculated and considered. For example a business that can directly weigh a break-even point for going into debt to make an investment that would simply have not have been possible otherwise. Or perhaps buying a house (though that is a bit more debatable these days). When people "just put it on the CC", that debt is not carefully calculated or considered. When people go to college without a path to a career that can pay it back it's also not calculated or considered. Debt is like a scalpel, but individuals use it like it's a hammer.