If people lived within their means, would there really be debt or as much debt that a people service?

If people were to live within their means stringently would they be in so much debt? There are things you most always have to go in debt for, a house, maybe a car, but aside from that if you were within your means should anyone be in debt over game consoles, jet skis, holiday trips, golf clubs, etc.? When did “living within your means” meant going into debt for things you could not pay out of your pocket? When I was a boy that is what people thought living within your means was, has the meaning socially changed?