There have been 12 successive years of interest rate rises, and a 12.5% rise from 2007-2008 in debt to banks, valued at $762b. This is practically bad with 18-27 years old that take out 1/3 of credit cards and account for 1/3 defaults. As private debt is now 156% of GDP majority of people believe that banks allowed and try to get people to take out loans they cannot pay back.