Many of my friends who subscribed a loan a few years ago are moving from "variable" interest rates to "fixed" interest rates, where you pay the same interest throughout the whole period, as the increase they have experienced is insane. They are paying extra for the process and those with many-year loans will probably experience the opposite direction after a few years, but then their principal will be much lower and the effect in the cost will be lower.
It is amazing how many people do not make the exercise of analyzing a financial product over the period of time it will last. We are used to "recent time" purchases but a loan is something you will carry for many years and you should do some analysis before closing final conditions as experiencing one or two different financial cycles is the minimum it will happen during the live span.
In some cases, having the fixed repayment rate but varying loan length can be good for people, because it gives them some stability in terms of knowing costs. But, it can also get out of hand, continually kicking the can down the road.
We have talked about it before, but I think it is just that we are becoming increasingly shortsighted in every area. We want it now, so put it on credit, and the size of loan we are willing to take is getting larger. Prices go up - more credit. It was unheard of a few years ago here, that people would use a credit card for a meal - but getting more normal now.