much the same here

InIn America real wages for the bottom 80 percent of households have remained relatively stagnant since the late 1970s. People survived these stagnant wages by working more hours, bringing more family members into the paid labor force, and borrowing more, thanks to easy access to credit. This put enormous stresses on many working families as they got caught on a work-consume-borrow treadmill. But for many, this was the only way to attain or maintain a relative decent standard of living. Overwork and debt masked the reality of falling and stagnant wages.

The total amount of credit card debt exploded, thanks in part to aggressive “debt pushing.” In 2006, there were 6 billion credit card solicitations sent out.The majority of home financing was for second mortgages, not new home acquisitions. Access to easy credit was the drug that enabled millions to live beyond their means.  The consumption engine driving the economic boom between 2000 and 2008 was based on borrowing, not real wage increases. When the economy seized up in 2008 and access to easy credit ground to a halt, so did the consumption engine. Millions of people lost their jobs or a significant household income.

Adapted from here
http://www.alternet.org/books/most-us-will-not-have-better-life-unless-we-turn-tables-super-rich?paging=off