You may feel this is over-dramatising; yet when there’s no money left, you can’t borrow more, and the creditors are asking for money back which you’ve no ability to repay, it touches every element of your life.
The danger is what’s called a ‘debt spiral’. It works like this:
You spend more than you earn
You borrow to fill the gap
More of your income goes towards repaying debts
You keep borrowing more to maintain your lifestyle
The end result...
All your income goes towards repaying debt.
You’ve nothing left!
If you feel you are about to joint or are already in this spiral - ask for help!
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