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Purchasing power through consumer debt is at an all-time high.

Whereas workers needed wage increases to buy TVs, cars, and homes... today just about everything can be financed.

The long-term impact of this is lower savings and delayed retirement (if retiring at all).

Isn't the lack of wage growth the reason that most large purchases are financed?

The Internet and IT skills have greatly optimized the credit scoring and underwriting process.

It was not possible 20 years to get instantly approved for most credit lines.

When were homes primarily bought for cash?

In the US, a little over 100 years ago. Before the 1930s, mortgages were 5 years, with a very high down payment (50% would be typical). See https://bebusinessed.com/history/history-of-mortgages/