The Greek Debt Crisis has highlighted in the most dramatic way just how much our economic systems depend on borrowed money. The figures of international debt are mind boggling. In the economies of wealthy countries like the United States and the UK, around 97-98% of the money is debt. It is money whose value rests not on something that exists in the present but on something that might exist in the future.

We are all living with debt. People in the UK owed £1.436 trillion at the end of May 2015, according to The Money Charity, up from £1.407 trillion at the end of May 2014. That's an extra £584 per adult. We have learnt to live with credit, whether it be a mortgage or a loan for a car or just a credit card account which spirals out of control.

It seems that debt has become an essential part of personal finance. But is that healthy? Or ethical? And do our religious traditions have anything to say about our reliance on debt?

Ernie Rea is joined by Habib Ahmed, Sharjah Chair in Islamic Law and Finance at Durham University Business School; Paul Francois Tremlett, Lecturer in the Religious Studies Department at the Open University; and Michelle Swallow, Debt Advisor at the organisation Christians Against Poverty.

Produced by Nija Dalal-Small.