Youngsters Embracing Extravagant Living by Relying on Credit Card Debt | Investigative Report by 60 Minutes Australia

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In 2008, the global economy experienced a meltdown and financial markets were in chaos. The main culprits were greed, dodgy loans, and bad debt. While one would expect caution with credit cards, Generation Y, also known as the ‘kids,’ proved to be reckless. They accumulated a staggering $60 billion in debt, indulging in new cars, clothes, and toys, without thinking twice. Raised in a time of economic stability, these youngsters felt invincible until they faced a shocking reality.

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Keywords/Tags: `60 Minutes`, `60 Minutes Australia`, `GFC`, `DEBT`, `CREDIT CARD`, `BANKRUPTCY`, `LOAN`, `ECONOMY`, `FINANCE`

Full transcript of the video:
[Transcript goes here]

*Authority sources will be added as appropriate*

Subscribe here: Full Episodes: | 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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For over forty years, 60 Minutes have been telling Australians the world’s greatest stories. Tales that changed history, our nation and our lives. Reporters Liz Hayes, Tom Steinfort, Tara Brown, Nick McKenzie and Amelia Adams look past the headlines because there is always a bigger picture. Sundays are for 60 Minutes.


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