Also, yes, we do buy more than we used to buy. That is called keeping the economy running, and if we weren't buying all those gadgets and trinkets and things *you* don't think are necessary our economy would be in even worse shape. As for the credit card debt, if wages were at least keeping even with what they have historically been people wouldn't have to fall back on so much credit debt now would they.
So what happens when credit cards are all maxed out and people have to lower their spending? Why companies will have to lay off people, leading to even less demand, leading to more layouts, and so forth until the economic tailspin turns into an outright economic and social collapse. Yet no company can unilaterally rise wages to ward off this disaster, because even if it made them more competitive due to a workforce that wouldn't hate them quite so much, the shareholders would complain, since the money could be going to them instead.
If only there were a party who could simply order everyone to rise wages, like it or not, to meet some kind of minimum standard high enough to keep the market working. Or, even better, simply pay a minimal income unconditionally to everyone.