I watched it and was stunned at their spending.

What are the banks doing letting them run up such large debts ?

One of the reasons for the financial mess the world is in at the moment is irresponisable lending.

Gerry

Yes that is the whole trouble--Banks wanting to make money --and I can't understand why they would lend to those that have no assets to fall back on--these kids are willing to go into Bankupt--so as you say it is us who have to pay in the long run.

I didn't watch 60 minutes, but I agree that the "me" generation want everything now and the banks have been more than happy to indulge them. I recently saw an advertisement on TV from Radio Rentals - rent now, no credit checks required. To my mind the company advertising this takes full responsibility for the debts incurred, and should be fined heavily. It's the same with the car advertisement that states that if you have been refused credit everywhere else they will help you get a new car. It is deplorable and should be outlawed.

When I was that age all I wanted was to travel - I saved and saved on my small wage, until I had enough to go overseas for 18 months on a working holiday. I had no thoughts of spending my money on expensive designer clothes, cars, etc etc. I still don't. I still save and save on my carers payment so I can go away for a week every year. To me travel is life. I will continue to buy my clothes from op shops and cut down on expenses everywhere else just so I can do the one thing that has the greatest meaning to me - oh, and I own my home, have private medical insurance and live a sensible life.