This is still going on? Seriously. This is not a debt trap.
Take 2 individuals. Both make more money than they spend. Both have adequate savings in case of emergencies. However, neither have much extra cash, and neither can afford to put that much money into video games. That's why they're both still playing PS2, picking up used games at Gamestop.
Individual 1 takes the cash he has. He buys the 360 for 99 dollars. He then pays $15 dollars a month every month for 2 years. At the end of the two years, he has paid roughly $460. He has had a fun time buying used games, or trading with friends for games, and he has enjoyed playing them online and whatever other streaming services are offered. He got 2 years of enjoyment from the 360.
Individual 2 takes the cash he has and puts it in a jar. He keeps playing PS2 games. Every month for 2 years he puts 15 dollars in a jar. At the end of this time period, he has enough money in the jar to buy the 360, the kinect, and the 2 year gold subscription. He can now look forward to his 2 years of online enjoyment.
Meanwhile, Individual 1 can cancel the online services, and continue buying games used or trading for them from friends. He does this for 2 years. At the end of 4 years, both gamers have paid roughly the same amount, but Individual 1 has gotten roughly double the enjoyment out of his 360. WHAT AN IDIOT WHY DOESN'T HE SAVE HIS MONEY?