We didn't choose to be undisciplined and financially illiterate. That came of ignorant or negligent parenting, among other things. (And they didn't choose, for the most part, to be bad parents. It's just that no one taught them to be suitably conscientious parents).
Expecting people to be critical thinking and deliberate in the way they conduct their lives, without first conditioning them to be so, has always been and will continue to be unrealistic.
I just object to the implicit "so it's not really a problem" or "so nothing need be done" that come along with "This is a self inflicted problem".
I don't care who's fault it is. This is a real problem for countless children who are worse off because their parents squander their income and it's a real problem for me because my government has to allocate its attention and resources toward an electorate in need of financial assistance.
I don't know if the solution is personal finance classes in high school, or internment camps for people with credit card debt. But I'm pretty sure the laissez faire attitude is not in the best interest of anyone.
I agree that it's a problem for more people than those directly impacted (I wouldn't say no one benefits though, some companies are benefiting from reckless spending).
I think the problem is one of culture. The 20th century was basically a gigantic advertisement for hedonistic individualism. It's not surprising that that mode of living is turning out to be unsustainable for everyone to participate in. By holding people responsible, you put some pressure on to create an alternative archetype to that of the "sex, drugs and rock 'n roll" 20th century heroes.
I think we have a long way to go though. Just yesterday there was a piece on HN about Millennials and Gen Z becoming more pessimistic. It stated that their number one priority was travel. Maybe the post-Gen Z generation will prioritize savings and more stoic living after they watch the aftermath of the previous two generations focusing on hedonistic spending.
Expecting people to be critical thinking and deliberate in the way they conduct their lives, without first conditioning them to be so, has always been and will continue to be unrealistic.