I feel like this is one area we may need the government to come in and save people from themselves by restricting how much credit a person can hold based on income or something.
Funny thing is, the government already does this to a limited extent. Folks who got home loans/are trying to get a home loan may have heard of something called Debt-to-Income Ratio (though debt to income percentage may be more accurate). This is the ratio between the all the monthly payments someone pays for borrowing money (Loans, Line of Credits, Credit Cards, etc) and their monthly income. If a bank wants to give you a loan that's backed by Fannie Mae or Freddie Mac, they must make sure that with the new loan, the borrower's DTI will be within a certain percentage. Typically it's around 43% to 49% depending on a lot of factors.