People have been saying that for years and yet debt still keeps growing - it has to or the system breaks down.
The majority of personal debt is related to mortgages. There is a concerted efforts by governments to keep house prices increasing, because the wealth effect creates the illusion that people are better off and therefore they continue consuming goods and services. It doesn't matter what levels of debt they are taking on, what matters is the cost to service that debt and it has never been cheaper.
