^^^
This is a huge problem with our education system. Kids are graduating and if they choose not to, get no exposure to any business courses or virtually none. Unlike my generation (baby boomers), when I was in my 20's, I was not bombarded with credit cards, social media sending me messages that I can own a condo with all the bells and whistles, or messages that we deserve everything now and why wait. That is what credit is for.
Instead, while we did not get business exposure (unless we took the courses), my parents at least engrained in us that you bought what you could afford and yes, you took a mortgage to buy a house....a good investment according to them, because you were saving for something. That said, they would have died if we put 5% down and financed at 95%. I get prices are way up now necessitating lower down payments.
The trouble is the boomers have become used to credit and in so doing, their kids are seeing this side of the boomers now(who are better equipped than most young people....though not always) to carry the debt. They see their parents putting everything on credit cards, have almost never used cash to any degree, so they do not make the equation of actual money going out, rather it is just a piece of paper that shows you spent this much. This inherently means you overuse the card because you have "not run out of cash in your pocket".
As a society we need to start to instill in our children, young adults, that taking on a lot of debt today hand ties you for years down the road. This however is something even politicians have realized they can't do. They offer everything during campaigns and then reality hits. One is not popular preaching any austerity. Afterall, I am entitled to the same lifestyle as Bill Gates, am I not?