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The Democratization of Credit and the Rise in Consumer Bankruptcies

What is the meaning of democratization of credit?
Democratizing credit means placing the credit system under control of the people.
Why is consumer credit increasing?
Overall consumer credit rose in June by $18.5 billion to $3.735 trillion, but mostly because of a jump in "nonrevolving credit." That refers to lump sum loans - such as student loans, mortgages are car loans - that are paid back only once.
What is the impact of credit to the economy?
When consumers and businesses can borrow money, economic transactions can take place efficiently and the economy can grow.
Credit allows companies access to tools they need to produce the items we buy.
The rise in consumer debt levels when the economy slows and/or interest rates rise can lead to a hard pullback in consumer spending.
As people pay more of their income to debt, they have less money to purchase other items.

What is the meaning of democratization of credit?