YABU. I knew enough at 18 to block the overdraft on my bank account, have never had credit cards (even when I was able to work, and was earning £42k pa).
I was taught all the time I was growing up that if you don't have the cash to afford something, don't buy it. And I'm teaching my DC's the same.
My 11yo is sensible enough to realise that places like Wonga, with interest rates of over 4000%, is just a bloody stupid idea.
If you teach them about interest rates on loans and credit cards as soon as they have enough Maths skills to understand it, it becomes ingrained that using credit is a daft idea.
My 11yo DS1 can't see the sense in paying £££ back for £100. If you don't use credit, then when you buy something that costs £100, you are only paying £100. If you use credit, you are paying £100 PLUS whatever the interest rate is on that loan.
I don't think that debt because of credit is because of payday loan companies and banks 'pushing' loans, but because of parents not teaching their DC's about financial matters.
It helps as a parent to teach your DC's not to use credit if you don't use it yourself, mind you.
That's probably why it works for me, when it doesn't for others - if you use a credit card yourself, and your DC's see you using it, they are going to see it as hypocritical if you then tell them not to use credit...