Personal debt is at record levels with one in six of us at risk of a debt crisis. Credit cards, overdrafts and payday loans are propping up households across the country as wages continue to fall in real terms. And many people are struggling under the pressure of paying back what they owe. But what is the effect on the wider economy? And what should we do about it? Ayeisha Thomas-Smith is back with us this week and is joined by Sarah Lyall, NEF's Social Policy Lead and special guest Dr Jo Michell, Senior Lecturer in Economics at the University of the West of England. — Enjoying the show? Tweet us your comments and questions @NEF! — Produced by James Shield. Programme editor for the New Economics Foundation is Huw Jordan. The award-winning Weekly Economics Podcast is brought to you by the New Economics Foundation – the UK's only people powered think tank. Find out more at www.neweconomics.org.