Checking the published data about credit card debt, I'm not surprised. Many folks are living rather close to the edge, if not past it. I think at times they get used to it, maybe they are making a good salary, and figure they can 'save' later. Or don't even think about it. They're 30, time to live high on the hog. They're happy to rent, no obligations or maintenance, nice amenities, they have a lot of credit on credit cards, if they want to do something, they do it. Kay sirrah ...
It powers the economy at least. If they cut back on spending, I suspect our economy would suffer, and some would lose their jobs, maybe many. Economic downturns pose a risk of spiralling into something much worse than 2008-9. So, the Feds step in, they basically have to, as they did in the Pandemic.
And imagine some improbable situation where Congress and the President actually did balance the budget, by cutting spending and raising taxes. The impact on the economy would be enormous, and bad shorter term. By flooding the economy with debt spending, the economy seems to grow to the sky.