That's the problem, isn't it.

Low interest rates plus stagnant wages led to consumers taking on more debt to finance their lifestyles; which in turn led to false demand; which in turn led to overpricing of assets; which in turn led to toxic debt (e.g., "easy credit" with unsustainable repayment plans).

Next steps: oversupply of overpriced assets, which in turn will lead to appreciation-dependent credit blowing up, which in turn will lead to reduced consumer demand, which in turn will lead to reduced profits, which in turn will lead to lender margin calls, which in turn will lead to a solvency crisis.

(It isn't so much credit as solvency that's the problem.)

I say "will" but this downturn is already beginning here.