In theory, yes - but there are entire armies of marketing and sales people who'll use every trick in the book to convince your fickle brain otherwise.

That depends on what it is. Food, shelter, electricity, water, healthcare, and transportation are inelastic[1] - we buy them regardless of price because we can't live without them. Whether or not we can afford them is largely irrelevant.

Also, don't underestimate change. Buying a house or a car that you can afford now is one thing, but that doesn't mean things won't change in a way that means you can't afford them in the future. Things happen that can negatively impact your income.

[1] http://www.investopedia.com/terms/e/inelastic.asp

Well, sure getting into debt to begin with doesn't make you a victim ... but there's definitely some opportunity for victimization once they go into default; it's an opaque process that most people don't know enough about up front. Think 30% penalty-APRs on your credit cards or five-figure collection fees tacked onto student loan debts. To what extent is this the real price of the risk and prices you're exposing the lenders to, and to what extent is it simply exploitation? A clear answer is hard to come by.

That depends what the something is. Of course you don't need a 42" TV when you can't afford it, but whether you have money in the bank or not you'll still need to eat, and travel to work.

Just like millions of Americans conscientiously choose to not buy food and life-saving medical care each day!

Life isn't always as simple as "don't buy more things".

Don't forget these two: "Save when you can, instead of spending". And "don't have kids you can't take care of, so they don't end up starving and unable to pay for 'life-saving medical care' when they're older."

Don't forget to fully anticipate the future with perfect accuracy so you can be sure that you'll be certain of your ability to afford kids.

Life is uncertain and variable. Demanding that people make choices based on unknowable futures is a bit silly.

"Life is uncertain and variable. Demanding that people make choices based on unknowable futures is a bit silly." And what about demanding that other people pick up your burden if the unknowable future impacts you negatively? It works both ways, you know.

You are 100% correct, life is uncertain and variable. And there is no way for anyone to fully anticipate the future with perfect accuracy. However, that right there is the most powerful reason that should be compelling individuals to be more careful and risk-averse. Especially when it comes to family, kids and health.

You should think carefully before calling for risk-averse behavior on a site closely affiliated with ycombinator.

Why? Care to elaborate on that?

Ycombinator exists to encourage highly risky behavior. Specifically, founding a startup.

If one is unemployed, can't find a job for x amount of time, do you think it is acceptable to use credit cards to survive during that period of time?

I thought at that point you are supposed to max out as many credit cards as possible while making the next Clerks or El Mariachi.

Maybe if you have no dependents and never get ill.

If you have a family to support or have a period of illness, credit is very hard to avoid.