There is no question that the federal government plus many lenders and financial professionals shoulder a lot of the blame for our current economic crisis.

But many of the individuals who are overloaded with debt need to take responsibility for their bad choices, too. Take credit card debt, for example. Certainly there has been a tremendous push – for decades – by financial institutions to get people to view credit cards as indispensable.

And consumers gladly went along with no complaint using other people’s money until life’s hardships – a job loss, illness or divorce – got in the way and they could no longer pay today for what they long since had purchased.

In a recent online discussion, my guest was Stuart Vyse, author of “Going Broke: Why Americans Can’t Hold On to Their Money,” which was the March pick for the Color of Money Book Club. Vyse joined me to discuss why so many people can’t save. Here’s a partial transcript of that chat:

Q: Do you think past generations had more discipline than we do now or simply less opportunities to get into debt, or both?

A: Vyse: I think it is mostly the greater temptations we face today.

Earlier generations did not have to contend with Internet shopping, credit cards that are widely available, catalogs combined with 800 numbers, and a consumer economy that depends on everybody spending. At the same time, saving has gone out of fashion. The current generation has not acquired the habit of saving.

Do you personally think that Americans will be better able to “hold on to their money” in the future?

Vyse: I only think future generations will be able to do better if they begin to think differently about the things they want. They will need to think more about the value of money in the bank and activities that do not cost money. If future generations continue to watch lots of TV and continue to want the things they see on the screen, they will have trouble.

But many of the best things in life don’t cost money.

Why do you think it is so easy to slide into credit card debt?

Vyse: Credit cards have the wonderful and dangerous quality of feeling like free money. With the card you can buy things you can’t afford and put the pain of payment off into the future. Furthermore, our psychology is such that we tend to think very optimistically about the future. We say, “It will be OK. I will be able to pay the bill when the time comes.” But we forget that things can and often do go wrong. Other expenses crop up that we don’t anticipate. Before you know it you are in trouble.

Singletary: Vyse hits it right on the head. Plastic separates us from the pain of paying with cash. I often ask people if they would withdraw $3,000 or $4,000 or $5,000 in cash to pay for a big-screen TV, furniture, etc. They cringe thinking about all that cash. It’s hard to spend the cash, easy to put down the plastic card.

The following question came from a student attending Sabot at Stony Point, a school with classes through eighth grade in Richmond, Va.: “I want some advice on how to keep money and how to save it even though I want something really bad.”

Singletary: Do this for me, today, after class but today. Make a list of the things you really want in the future – maybe a car, or helping your mom and dad pay for your college education. A trip. In other words, make a list of the things that really, really matter. And every time you want to spend on candy or something not really worthwhile, pull out that list. That’s what I do. I keep my priorities in mind when I’m tempted to spend.

How can America get past this culture of consumerism? There are examples everywhere, from the various housing crises to the wider advertisements of payday-advance loans to the introduction of even more high-horsepower, and thus gas-guzzling, automobiles.

Vyse: It is going to be difficult to throw off the chains of consumerism. Much of the economy depends on it. But it is also clear that, with so many people in debt and barely making ends meet, millions of individual citizens are paying dearly. Limits on advertising and reasonable limits on credit would help. Also, it is very important that we begin to teach the value of saving and living within one’s means. Being in debt is becoming an accepted norm, but the anxiety and pain that it creates are often hidden. So many people would be much, much happier if they could live more simply and in the black.