This issue is caused manily by goverment and feds direction
I don't think so, because this problem was around long before inflation started outpacing interest rates. Personal savings rates have been dropping steadily
for the past 25 years (see fig. 1 on the second page on the linked article). Also, credit card debt has steadily increased.
So it seems to me that many people are simply spending more than their incomes, which is not sustainable regardless of what the fed does. Surely it's better to put money in the mattress, or a savings account, than on a credit card bill that can't be paid off, even in today's investment climate. But the numbers show that hasn't been the choice many people have been making for quite some time.