It’s not that people intend to take on too much debt. It’s just that they take on an amount of debt that they can afford. Then when they have a drop in income or unexpected expenses they are unable to make all their payments. They are in debt up to their eyeballs & didn’t know it. It’s too easy to have problems escalate into a debt spiral at this point.
The author of this article says that every time people add a new debt they take away more flexibility in their choices.
Click title to link to article by Philip Brewer at WiseBread.