No, the story was created for the audience of CNBC so they could get more viewers among the college debt and spendthrift demographics. Bernie voters. The study 'author' is a guy who ran/runs some operation refinancing student loans. Probably backed by Soros or Warren Buffett.
Anyway, what the story was saying to those of us in the real world is that when people get more money (great economy) there will still be a large number of grasshoppers that forgot or never learned that good times never last. What it is probabkly saying to the FSA army is that 'It's Trumps fault you still have no money in boom times'.
many people are living well above their means. i've been seeig this since at least 2000. people have multiple credit cards, and use those to buy shit they don't need, and otherwise couldn't afford to buy. on top of this they're living in homes in towns that they can't afford.