If you are lucky enough to have escaped the credit card craze, you can thank god even if you are an atheist, for you are a the lucky few.
Before the advent of the credit card, people lived within their means and rarely take credit. They worked honestly and with their wages they would buy things that they need with cash. However time has changed. Everyone who has some intelligence is trying to lure the poor worker to take a credit. Overdraft, loan, credit card, revolving credit, hire purchase, equity line, car loan, student loans, etc. It seems that everything that was purchased with cash must now be purchased on some form of credit.
There is no doubt that now that this credit craze is over life would never be the same. Those politicians that are betting a return to normal are probably kidding themselves. In order to get out of this situation the bubble of credit has to be deflated completely. This would then leave people with a reasonable amount of credit. However things would not be as good as before. No more fun. No more partying. Hard work like in the old days. Smaller houses. Smaller cars. Less latest gadgets and appliances.
Its going to be difficult but soon you will get used to it. Our parents did it.