It isn't the average citizens who are borrowing money. Its government leaders making the decisions who benefit from it. It's the same in the US. Government QE and bailouts and unsustainable debt has destroyed the middle class. Meanwhile, the elite have benefitted beyond imagination from it.
Political leaders are borrowing money primarily to buy votes via unsustainable social and business subsidy arrangements. They skim some to line their own pockets, to be sure, but it is the structure of state spending that is threatened. If simple graft were the problem, there would be no issue: stop borrowing, and let the crooked pols defer their payoffs. But it’s not so easy when pensions, public employee salaries, welfare benefits, student loans, etc. can’t be paid. The same thing will happen when the U.S. hits the wall.