I think it came from the excessive overuse of credit cards.

According to http://en.wikipedia.org/wiki/Go_for_Broke!_(1951_film), it is (or was)pidgin English, in Hawaii, for gambling everything. I have no independent corroboration at this time for this origin, but it seems feasible that the phrase gained popularity from being in a film.

1. To wager everything. 2. (idiomatic) To try everything possible or do last thing possible in a final attempt. http://en.wiktionary.org/wiki/go_for_broke to exert oneself or employ one's resources to the utmost. [Origin: 1655–65 (adj.); 1875–80 (n.)] —Synonyms 4, 5. insolvent, destitute, impoverished. http://dictionary.reference.com/search?q=go+for+broke&r=66 http://www.m-w.com/cgi-bin/dictionary?book=Dictionary&va=go+for+broke risk everything in one big effort http://www.rhymezone.com/r/rhyme.cgi?Word=go_for_broke http://lookwayup.com/lwu.exe/lwu/d?s=f&w=go_for_broke 1. A gambling term meaning risking everything to reap substantial reward. 2. Another way of saying "go for it". The term gained popularity after being used in a certain Street Fighter game, being shouted by the "announcer" before the beginning of each match. 3. This is phrase derived from the alternate meaning of 'Broke', "One who's unattractiveness is displeasing to the eye". http://www.urbandictionary.com/define.php?term=Go+For+Broke Risking it all for the chance to win big.......... To "go for broke" is to risk everything on one chance to win big. Example: "Are you sure you want to bet all of your money on that one horse?" Reply: "Yes. I'm going for broke!" To be "broke" is to have no money; you "go for broke" when you risk losing everything for one chance to win big. Example: "Do you think that girl will dance with me if I ask her to?" Reply: "Sure: go for broke!" "Go for broke" means take a risk, try your best, and give all of your energy to something. Example: "The way to be successful is to decide exactly what you want, then go for broke." http://www.goenglish.com/GoForBroke.asp

It is pidgin english from hawaii made famous after WWII from the 442nd infantry's motto "go for broke." It was a reference to betting on dice in pidgin.