They haven't been taught how to handle their finances. When any kind of crisis befalls them, they don't have savings to fall back on. Even small differences make a difference in whether a lifestyle is sustainable or not. All experts agree that it's the big and unexpected payment that puts a family over the financial edge. Consumers are confident too.
Lenders are confident as well as borrowers.
Today's boom has a lot to do with high-tech entrepreneurs being confident that they can take great risks and create miracles. Then there is the lack of saving by many of those getting close to retirement, in the face of many articles for the past few years about Social Security going broke in the near future. Now is the time to start thinking about Christmas, if you didn't do this in January. Decide how much money you can comfortably afford for holiday spending, either by saving the cash starting now, or paying off the debt within 3 months afterward. Go back and look at last year's bills to get a realistic idea of how much money you may need.