Many of us had to tighten our belts to avoid destruction, with small boys in the home when interest rates rocketed sky-high 23.99% June 1998. House our only big debt, loans average +3% on government amount, we battled through avoiding any other debts.
Parents were both frugal for which I look back and thank them being taught to do with what you have or make it stretch further when you able.
Whoa, that's a huge jump! I'm glad you had lessons from your parents to help you get through it. So many people here in the States threw in the towel and declared bankruptcy. It takes about seven years for your credit to recover from that (at least it did back then) and it would have derailed our entire life. We were lucky that we were able to ride out the storm.
No one to turn to, we knuckled down and made sure to keep your head above water with food on the table. This was a point when you learn quickly, avoid debt or overdraft, many lost homes and more.
It was the same way here in the US in the 2008-10 timeframe.
Quick to sell placing you in debt, when things go wrong they did their due diligence....