Because it is, unfortunately, far too easy to obtain credit in the US (unless one puts a 'freeze' on one's credit reports, one gets about 1-2 offers for new cre

Because it is, unfortunately, far too easy to obtain credit in the US (unless one puts a 'freeze' on one's credit reports, one gets about 1-2 offers for new credit cards in the mail daily). Additionally, credit cards are a way of buying things where the actual cost is wholly disconnected from the purchasing activity. Purchasing something for $1 using a credit card feels (and acts) identically to purchasing something for $2000 using a credit card. The only difference is the size of the number being added to the balance, so buying "more than one can actually afford" via credit cards is far too easy, because for many it does not feel like "spending". I.e., there's no "physicality" of having to count out cash bills and seeing the pile grow. As well, credit card payback rates as calculated by the banks are structured such that the principal is paid down as slowly as legally allowed, which naturally increases the banks profits at the detriment of the individual paying the bill (as most of the payment goes to interest, not principal, if paying the "minimum payment" calculated by the holding bank). So it is simply very easy to obtain plural credit cards, and to use them to fuel an instant gratification lifestyle well beyond ones means without considering the consequences of loading up 20k or 30k or more onto credit cards on a take home salary of 2-3k/month. And, once someone has gotten themselves dug into this deep pit of debt, it is extremely difficult to climb up out of the hole.