Money isn't wealth, money is just a unit of exchange.
Australia is a very rich nation, we have lots of wealth, Sure not every Australian feels "wealthy", but in general they are consuming products and services at rates that would make most other countries drool with envy, and make our ancestors from 100 years ago blush.
Most "poor" Australians are not "poor" by global standards.
Credit cards just enable people to spend their pay, before they get it, then wonder why they can't afford the 'stuff' they want to buy on payday.
It really has brought about a society, who want 'it' and want 'it' now, without respecting the fact that they will have to pay for 'it' sooner or later.
But as you say VC, in comparative terms, we have never been wealthier.
Even those on welfare, if they manage their money wisely, can get by.
Most Countries of the World have no welfare, if you don't work you don't eat, if you don't eat...
Credit as recently as the 1970's, was extremely difficult to access, therefore people were forced to live within their means.
With the deregulation of the financial systems, the access to credit has become easier, to some it is difficult to control the urge to use it for whatever the purpose.
Some use it to make ends meet, but if they weren't making ends meet before putting it on credit, why do they think they will be able to when the bill comes in.
Some use it to gamble on winning, but double their loses, if they loose.
So is the answer, to just stop credit cards and only have debit cards?
Go back to the days, when you had to apply for a personal loan to get credit, at least then it takes more effort, than pointing your mobile phone at an eftpos machine.
The Government, Banks and retail sector, would spew.
It won't happen they love people being in debt, much easier to control people, who have their head down and ar$e up.
Then your political debate can revolve around, he/she called me a name, this politician's grandfather was born overseas, makes politics easy.
You don't have to address the 'Big Issues'.