We can’t go back to 1969 without dropping the population to 1969 levels with it. Not possible this side of WWIII or a pandemic dieback most likely.
Wages merely meet debt minimum tickover payments these days. This means there is no chance the debt will be paid, but the lenders don’t care, as paying interest on the same debt for umpteen years (without increasing the capital outstanding) means getting the biggest bang for your loaned buck.
The bubble bursts when people realise that they CAN go without “credit”, and subsequently take the next logical step of defaulting all unsecured debts currently outstanding…
Punishment for unsecured debt default is “your credit rating will suffer” which means toss-all if you’re not looking to borrow more money for the foreseeable future. 
If you don’t own any of your house, you can’t have your house re-possessed. A charging order won’t work, because it still requires a house to be sold at a profit to raise any money for the issuer. If your income is so low you are on any kind of benefit, an attempt to get an “attrachment of earnings order” will be set aside “until the defendant gets a full time job” The defendant merely works part time for 6 years, and kisses goodbye to all that debt - all perfectly legal.
Debt collectors are too tight fisted to pay for bankruptcy proceedings themselves, so they won’t ever go for that option unless they are SURE the defendant is hiding away major assets which can be seized. They WILL, on the other hand, try and manipulate the defendant into bankrupting themselves, which of course if the debtor refuses to play along with, the debt collector has lost there and then. Where do you think “bad debts” come from?
There is a limit to how many times a debt can be sold on before it becomes unenforceable (over 6 years old) or toxic to the collector, because it would cost more to collect than even asset seizure would raise. 
You only truly get out of heavy debt by accepting that you’ll not be borrowing money again, and defaulting.
Few people are going to get the hefty increment in income that is required to pay the debt off fair and square otherwise.
btw. The public are getting wise to “debt walkaway” which costs nothing, and involves no third party “debt advisors” to do. Collections agencies are already quietly going out of business, because people with unsecured debts along with a mortgage merely have to pay the mortgage in full, and leave the unsecured stuff. Any objections from unsecured lenders would have them attempting to extract money back from those mortgage payments, which just isn’t going to happen - the mortgage lender will even fight your corner for you, and prevent THEIR asset from being seized to pay off an unsecured debt that the secured lender doesn’t give a ■■■■ about. Attempts to get unsecured debts converted into “secured on the debtors property” will also fail, once one involves the mortgage lender in the process as “White Knight”. They will jealously guard their “preferential creditor” status, and will happily tell all other creditors to bog off. 
I predict a pandemic of debt default by the end of the decade, which will be our “lost decade” as far as interest income is concerned.
Ordinary savers already know what it feels like to be “denied interest payments upon their savings”. It is only a matter of time before the large entities in the credit markets wake up to the reality that a credit deflationary crash will occur before the next major upswing in the global economy. 
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