There is a reason why the mortgage crisis 2008 is referred to as a "bubble." If you look at a graph of the real estate valuations of virtually any property over the last ten years, there is a large rise in the middle, generally centering on 2005-2007. For anyone who purchased property during this time, you experienced a rapid increase in prices, any you may have been outbid when you made an offer on home.
Credit cards can be great for providing ready access to credit for those times when you need to pay an unplanned for expense, like a car repair. You can easily pay the bill and, if necessary, make payments until you pay it off. Of course, that easy credit can lead to other issues, because sometimes that easy credit is just too easy.
Many people feel a sense of embarrassment with the prospect filing for bankruptcy protection. It is a public admission of your financial condition and that it has deteriorated to the point that it cannot be salvage by diligence. While you can easily get into trouble with credit cards and simply spend more than you can afford to repay, more often, bankruptcy is caused by conditions beyond the simple control of the debtor.
When you are young, credit cards seem like a great idea. You can make purchases up to your credit limit and only have to repay at the minimum payment rate. And credit card companies know one source of new cardholders is college students. They are young and inexperienced in handling money, and they are full of promise, with the prospect of well-paying jobs awaiting when the graduate.