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At least they have been until recently.

Cheap loans and endless spending on credit cards have helped create a nation in the red where binging on the never-never looked like it would never, ever end.

But its over.

The financial tidal wave that swept the world with the collapse of the American sub-prime loans market – money loaned out to high risk borrowers who subsequently couldn't pay – has washed away confidence and cheap credit.

The bills keep landing on the mat but there's no easy money for Peter to pay Paul.

From Northern Rock to Castle Market the squeeze is being felt everywhere.

For many debt-ridden South Yorkshire families it's crunch time, for some it's a full-blown crisis.

Rebecca Bingham faced her crisis last year.

Mother of two Rebecca and her partner split up and she was left in a financial mess. She used her credit cards, blotting out the inevitable consequences of avoiding bills.

She ended up owing £45,000.

"I used credit cards for everything," said 37-year-old Rebecca, from Shiregreen.

"I was juggling debts over seven credit cards, using one to pay the minimum payment on the other over and over again. It used to make me feel sick when I heard the postman, knowing there would be more bills on the way.

Rebecca was faced with bankruptcy when she finally confronted her debts.

"There was something on television about debt and a help number to call so I called it. I found out that I was eligible to apply for an IVA - an Individual Voluntary Arrangement. I took it up and it made it manageable.

"I didn't want to be bankrupt. I felt some obligation to pay back some of the money I owed.

"I was foolish and I am ashamed of what I did. I wasn't looking for the easy way out.

"It's been tough for me and the boys but now we either save up for it or we don't have it."

Martin Jukes got himself into a financial mess not because he was too handy with the credit card but because of wage cuts.

Martin, of Carlton Road, Smithies, lost his shift allowance and overtime pay at the AstraZeneca plant in Huddersfield and it left him unable to make ends meet.

"I was taken off shifts and my shift allowance was halved but I still had the same financial commitments," said 42-year-old amateur bodybuilder Martin.

"I had a loan for a loft conversion and other work on the house. I insured the loans against redundancy but that doesn't cover wage cuts.

"I would have been better off losing my job – I wouldn't be in such a mess if I had.

"In April 2005 I was earning £26,215, by April 2008 I was earning £20,000.

"I was £48,000 in debt and pretty desperate so I called a financial helpline and they told me about bankruptcy, IVAs and loan repayment programmes.

"The IVA has been a lifeline for me. They said I would be debt-free in five years.

It's been tough making the payments some months, but it's been a load off my mind."

Sheffield-based turn-around and financial recovery experts Probitas help arrange IVAs and other financial packages.

Director Keith Cottam believes they offer hope to many in debt.

"We were set up before the boom in consumer IVAs started. We have never advertised – we rely on referrals and we are proud of the fact that we give the right advice to the right people.

"There is an issue with lawyers now looking to see if people have been mis-sold IVAs but I have never had a client complain yet that they wish they had not gone down the IVA route.

"There are people for whom bankruptcy is a better solution.

"If you have nothing you haven't much to lose and an IVA may not be for you.

"The best thing to do is to get professional advice from a regulated company."