I believe the GFC is a main reason.
Financial crisis of 2007?2010 - Wikipedia, the free encyclopedia
Greedy banks irresponsibly awarded credit to those who did not have the means to repay it. The market crashed and many people globally have lost their employment. To ease the pain interest rates have dropped so those who are struggling can remain paying off their mortgages.
Who's fault is it really? Well the banks have been very greedy, but Gen Y needed everything right then and there. As they are the generation that has never been refused anything mass creidt was the solution. It takes 2 to tango.
Don't mean to offend any Gen Y's on the forum. I am speaking in a general sense.