It absolutely is. Increased borrowing to finance consumer spending is largely responsible for the 2007 crash. Sure, the banks made terrible loans and tried to double-down on them, but borrowers are just as responsible.

How many people are using straight-up cash to purchase these devices? They're likely putting them on credit and that credit burden is hardly isolated. In real terms it means that they cannot afford that one extra mortgage/student loan payment, or invest in retirement/savings or kids education.

Arbitrary low interest rates create false security. We are not out of the woods and unless we start to reverse these trends, we're set for another crash.