Borrowing too much during the economic boom played a huge part in causing the financial crisis that we're all still suffering from today.
But government Minister Philip Hammond says that banks aren't solely to blame for the mess we find ourselves in. The Defence Secretary said that families and individuals who ran up credit card debt and took out loans and large mortgages were "consenting adults" and must accept some of the blame for the financial crisis.
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Mr Hammond said: "People feel in a sense that someone else is responsible for the decisions they made. Of course, if banks don't offer credit, people can't take it."
He added: "We allowed our expectations to run away with us. We started living a lifestyle both in private consumption and in public consumption that we could not afford. We borrowed to top it up, now the day of reckoning has come and we are adjusting.
"Households were spending more than they earned. That's why household debt rose."