People seem to think that if they go into an overdraft they can carry on spending as they will not have to pay it back for a period of time or not at all. They also ignore the fact that interest will make the debt grow even further and make the repayment period longer.
Serious debt can badly affect family life, particularly where children are involved. In some cases serious debt has led to people suffering from depression and ultimately committing suicide as a way out.
People who have got into serious debt may need professional help to sort out their financial problems. For instance, help is at hand from the National Debtline.
So think about it. Is it really a good idea to go into debt?
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