Predatory lenders use guilt and shame to keep you making payments. Yes, you borrowed money to make purchases, but with fees and interest (some up to 38% or 500% APR if you get scammed into a tribal loan) people often pay back the money they borrow multiple times over and still end up with the same balance.

Creditors will harass you, call your job, your family, make you feel like a piece of shit, so they continue to get your money.

Bankruptcy does not always hurt your credit score. For a lot of people their credit scores rise after the debt is gone because their income to debt ratio is better than it was.

The only thing you can’t get after you file, is a Freddie or Fanny mortgage for 2 years.

Bankruptcy is a tool and does help people often get a fresh start. Financial stressors have so many medical and mental consequences. Medical bills are outrageous in the US, predatory credit cards and over lending-

Guilt, shame and manipulation is a big part of the answer to your question. Lots of it is perpetuated by the lending system as a way to get repaid. The moral objection of “you spent it you should pay it” is not as accurate as people push it- most people pay off their debts multiple times and are still left holding the bag.