Ah, okay. So if I understand correctly, it's a culture problem of people wanting nicer things than they can afford and debt being the mechanism that allows them to get these things (at least, temporarially).

In contrast, of they couldn't go into debt, they'd buy more durable and/or less expensive cars (and other things).

The way this ties to the fractional reserve banking system is that it's entirely based on debt (hence the "fractional" part of the name). Thus debt is just considered normal operations and not something that is necessarially bad.

Did I get that about right?