'60 minutes' tonight:
Generation Debt
Thursday, October 2, 2008
(nine images)
Reporter: Peter Overton
Producers: Hugh Nailon and Kirsty Thomson
It's been a hell of a week. The global economy's in meltdown, the financial markets are in chaos and it's not over yet, not by a long shot.
Basically greed, dodgy loans and bad debt are to blame.
So you'd think we'd all be a bit cautious with our credit cards.
Some of us maybe, but not the kids they call Generation Y.
They're young, reckless and they've racked up an astonishing $60 billion dollars of debt.
New cars, new clothes, new toys, no problem.
Just whack it on the card. These kids have never known tough economic times, so they think they're invincible but now they're in for the shock of their lives.
etc.