Credit Gone Crazy

The two videos in this post are frightening.

They show a report, in two parts, from 60 Minutes Australia and I beg you to take the 15 minutes it requires to watch both parts.

Our young people have gone crazy with credit and refuse to think through the consequences. If you have children you need to see this report and then start to teach your kids about the wise use of money.

Generation Y is used to getting what they want when they want but common sense says it will one day come crashing down. Unfortunately the people in this report seem to have missed out on their serving of common sense.

All those interviewed are convinced that ‘one day’ they will repay their debts, but when will their ‘spend, spend, spend’ lifestyle stop so that they can start to make a dent in the debt? Do they seriously think that they will get such high paying jobs that they will be able to continue their current spending habits and pay back their loans and repay their credit card balances?

Thanks to Sarah from This is what Sed Said for pointing me to these videos.

Are you caught in the credit trap? How do you see yourself paying off what you owe?

Do you have children? What are you doing to teach them the value of a dollar? I notice that most of these young people are living at home without the responsibility of paying rent or a mortgage. What are your thoughts on charging grown up children to continue living under your roof?

I’m really interested in your comments and hope that you’ll take the time to leave your thoughts in the comments section of this post.



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About the author

Rodney Olsen

Rodney is a husband, father, cyclist, blogger and podcaster from Perth Western Australia.

He previously worked in radio for about 25 years but these days he spends his time at Compassion Australia, working towards releasing children from poverty in Jesus' name.

The views he expresses here are his own.

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3 Comments

  • You’re welcome 🙂

    Journalism will always have its dodgy aspects but there’s always some truth in it. I know many ‘mini Amandas’ out there that are not quite as stupid as her and I hope they don’t follow in her footsteps. I remember the part in the story where she said she only had 5c in her wallet yet was buying a new car on credit. I also know someone who said she had $3 in her bank account yet had just booked an overseas trip. On what? Credit!

    I don’t have a credit card and never want one. I’ve learnt that you don’t need a credit card to be happy.

    I do admire Zoe though for realising her mistakes, changing her ways and endeavouring to pay back her debt. Although as one guy in the story said….it takes a car accident for a bad driver to realise the error of their ways.

  • Thanks for those links Rodney. Despite the dodgy, patronising journalism, there is still definitely an element of truth in what is being reported. It does make me so glad that my Mom taught me good financial management from a young age, which has stayed with me ever since.

  • Ha. I thought this was just a US thing! I consider myself fortunate to work for an FI who makes it part of its mission to develop products and advocacy programs to educate consumers about financial respojnsibility. Though I can’t believe that these consumers and critics in the videos are blaming the banks to the level they are. As with any decision, you must act wisely and exercise personal accountability. Parents, schools, peers and the financial institutions need to stress that fact and show people of all generations that fact.

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