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Nothing new though, there will always be a % of people who live beyound their means past present future and more so never listen to wise words of wisdom having something left in the kitty just in case........
Last decade and more as T3 mentions, applying for a loan through a bank/broker they need everything of your history etc, working for yourself you may have been able to fudge a few things but as an employee how can you doctor anything.
Back in the day of having cash/folding on the side was helpful for those who didn't have a high wage but that no more now that DD/electronic banking etc is taking over.

Anyway as said there will always be those you put themselves on the edge - luck comes into it, stability was there for so so long after the GFC, stock market plunges now and then, a war but overall it was ground hog day with such low interest rates for yonks.
Covid the next reset $h it happens and the merry go round starts again.