ABSTRACT
It has already been indicated in chapter 3 that the money environment sets the context for a household's financial management. In considering those now experiencing debt, as illustrated by the cohort members, their initial position in this environment is important. In particular, what range of financial commitments did they have, and on what terms and at what cost did they gain access to credit? Were these borrowers, from the beginning, in a highly 'marginal' position with barely any room for manoeuvre over and above paying the mortgage, rates, fuel, and food? Is it the case that the pattern of commitments was one where, given their available income, not all of them could be paid, or at least not on time? Did such households have disposable income and, if so, what choices were made about its disbursement?
