Consumer credit provides upward pressure for the price of goods while removing the composite pressure for wage growth. I think the liberalization of the consumer credit market is the primary catalyst for this situation.
Can't disagree there... My home is apparently worth about 30% more today then when I bought (mortgage) it two years ago. That's just insane. Not to mention the price of cars as another large example car loans when I was a kid were maybe 3-4 years, now they're often 7+ on new cars.