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.This level of debt by people under 30 and just over 18 years of age was blamed on their reckless spending and the banks reckless lending to them. It was also compared to the Sub-Prime lending fiasco. What utter rot. Noone has forced the banks to lend to young people in Australia with no assets and no means to repay the loans.
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.
One young girl has a debt of $70k.
Another said she spends about $1,500 per week on her credit card. She earns $35k p/a. This doesn't add up.
Another will have a debt of $49k when she finishes university (a Business degree), and has HECs (a University loan system in Aus financed by the Government and the amount the degree costs is discounted, but they do pay interest) debt, and a car loan which included another $10k for a world trip.
The transcript will be here on Monday.
Then check out Young Guns, Garth Tander and Jamie Whincup in the lead up to Bathurst next weekend.
Fasten your seat belts, we're about to hit the track with two of the fastest men on wheels.
And two of the fiercest rivals.
They're the supermen of the super V8s, the champ Garth Tander and the challenger, Jamie Whincup.
This week they line up for the biggest race of them all, Bathurst, and the King of the Mountain crown.
It all sounds a bit parochial and blokey, doesn't it?
Well it's not. The V8 races are now beamed into 850 million homes around the world.
Millions of viewers, millions of fans.
And, as Ben Fordham discovered, these days the most dedicated are women.