Young people living a lavish lifestyle on credit card debt

Back in 2008, the global economy was in meltdown and the financial markets were in chaos. Basically, greed, dodgy loans and bad debt were to blame. So you'd think people were a bit cautious with their credit cards. Some may be, but not the kids they call Generation Y. They're young, reckless, and they've racked up an astonishing $60 billion of debt. New cars, new clothes, new toys, no problem. Just whack it on the card. These kids had never known tough economic times, so they think they were invincible but they're in for the shock of their lives.