Young people living a lavish lifestyle on credit card debt | 60 Minutes Australia
Subscribe here: http://9Soci.al/chmP50wA97J Full Episodes: https://9now.app.link/uNP4qBkmN6 | Generation Debt (2008)
Back in 2008, the global economy was in meltdown and the financial markets were in chaos. Basically, greed, dodgy loans and bad debt were to blame. So you'd think people were a bit cautious with their credit cards. Some may be, but not the kids they call Generation Y. They're young, reckless, and they've racked up an astonishing $60 billion of debt. New cars, new clothes, new toys, no problem. Just whack it on the card. These kids had never known tough economic times, so they think they were invincible but they're in for the shock of their lives.
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This is so true. A friend of mine told me that his son and daughter-in-law just bought an expensive truck and they weren't interested in asking about what the interest rate was, or how long it was going to take to pay the truck off. They just asked, "How much per month?"