I am in serious trouble HELP

I gave my son and daughter a credit card with a low limit thinking they would be responsible adults , learn how to manage money and budget.I even deposited $200 to give them a kick start.
The bank manager rang me yesterday to advise me that their bankcard debt had exceeded $60,000 and he had given them additional credit as he said I was a good credit risk....he thought I would guarantee the increase...
They had wasted money on indulgences , lavishing goods and money on all their freeloading mates and recklessly lent the card to others. Evidently I have 30 phone plans....
When I stated to them , we have to budget and clean up this mess , they just laughed me off .
I started an austerity program , not too severe , but most of our luxuries are foregone and we will have to economise on
other activities and household goods and clothing etc .
My kids now hate me and scoff at me , and all their freeloading friends deride me for taking away their freebies..

Am I doing the right thing even though my kids hate me????