My daughter, an economist says "Everyone thinks they understand economics." Be that as it may, my two bits is that for certain kinds of people, lowering the cost of borrowing is a green signal to borrow for unneccessary stuff..... borrow money and buy this bigger car, borrow and buy this bigger TV...there is no end.  This behaviour may be good for the country's economy, but leads to tragedy for many people.....burdened by debt they cannot repay and no savings for their old age... of course talking of saving for old age, with an interest rate of 6 or 7% or even lower, our savings are not going to fetch much.
Nobody teaches you to spend judiciously. The habit probably comes from upbringing ....conservative parents may produce conservative offspring or the offspring may be tired of the economies they were forced to practice and splurge.