Its true that availing a loan has become much easier today, as the pressure of monthly target of the financial units even forces them the unit manager to disburse the loan somehow. A salient example is One American Bank has been dissolved.
When loan becomes available so easily, people also start looking for loan even in trifles and even for a slight better living without considering their repayment capacity.
This happens both consciously and unconsciously, when both of them are quiet harmful and such a radical change in the financial status is never good for commoners.
Its something like when you have freedom, you need to ensure the proper utilization with sense of responsibility.