A million UK households are already having to use food banks and their benefits are being cut to repay debts and loans. Debt can increase your buying power, but while the banks get richer your earnings are going to be spread much thinner. And you might have that piece of jewellery or that new car or expensive holiday, but after the initial high comes years of paying back sometimes double what you borrowed. It's the debt trap, and it's one too many are falling into.

The Agenda spoke to Dr Johnna Montgomerie, author of "Should We Abolish Household Debts?" and Lynn James, also known as personal finance blogger Mrs Mummypenny, who turned her life around after finding herself nearly $30,000 in debt.