How money works: When did debt become OK?

We used to save up for things, not any more. Now Britain’s debt is bigger than its entire economy. But when did things change?

Being in debt used to land you in prison – indefinitely – not any more. These days one person in three goes overdrawn every month and the average household has £10,000 in unsecured debt – and that’s not even counting mortgages.

So what happened? How did we become a nation of habitual debtors and can anything be done about it?

Watch out video to find out.

Watch more episodes from Yahoo! Finance's How Money Works series