Borrowing got out of hand regardless of stagnating incomes.   Bank loans are now an online click away.     Most advertising shows  a monthly payment and too often no interest for a year.   The big box stores offer credit cards with deals to buy now and pay later.    It's an 'I want it now' world where buying the second car, boat, snow machine, bigger TV, 4th TV, more new clothes etc are a simple loan away with no thought of saving to buy it or doing without the latest and greatest.      In the fine print are both the cash price and the big interest rate that starts after the promo period ends.