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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