I agree that people do overspend and they must take responsibility for the consequences of those actions. However, the creditors have a responsibility too. Because there is no more money, only fiat currency, how do people pay off debt? Some would suggest that the promissory note that was signed when they applied for that loan, is in fact, the payment. It has value to the creditor and they turned it into a stock (asset) and sold it on the open market (watch the second video). So what is the debtor paying for if the debt was already paid? The act of signing that debt instrument actually created currency for the system. If all the debt was paid off there would be no currency in the system. In fact, it is impossible to pay off all the debt because of interest!

So who's fault is it really? A strong argument could be made that the politicians who got ride of the gold and silver backed money system are responsible for this whole mess.

Again, I would recommend watching the videos that I attached to the post and if you want a good run down of how the banking elite infiltrated the US money system, this is the best video I've found that covers it in great detail.

In my view, the population have been raped and pillaged for decades as a result of some very greedy, powerful, psychopathic individuals. People are doing their best with what they have and the system is designed to make sure a certain percentage go bankrupt each year so that they can keep that system going and continue to steal wealth from the people through usury, inflation and legal acquisition of wealth. The only way I've found to escape it is to go off grid and reduce my exposure as much as possible. Tough decisions are required.

Perhaps cryptocurrencies may expose this whole fraud and help people out of the death trap that the current fiat currency system has created.