"They", (mostly the Democrats, since they were in charge of CONgress, but the Pubbies were in on it too) "didn't put guns to anyone's head". No - "they" did the smart thing, and made it "cool" to be in debt up to your eyeballs (on the QT, of course - got to make your neighbor think he's not keeping up with the Joneses).
Peer pressure and the social dynamism of your local environment is a strange thing. If either half of the married couple gets convinced that A. you're not keeping up with the Joneses, and B. it's safe to keep 6 figures on your credit cards, & and have a 5/95 ARM hanging in the breeze, that married couple is behind the eight-ball.
"They" are STILL trying to convince people to go BACK into debt - even with the double-digit unemployment rate.
Why use a gun when you can con the rubes? They'll do all your work for you...