Personal responsibility strikes again

• Large ticket items - very necessary for the normal life
  
• Interest in mid 20's - reflects true risk
  
• Drip feed arrangements - an expensive way to get money
  
• $50K to $60K on hock - all for liabilities, not assets
  
• Complaining poor - the good times are over
  
• Twice the household annual income - nice while it lasted
  
• Desperate - the bailiffs have been knocking
  
• Banks won't touch them - again, reflects risk
  
• Unaffordable debt - yes, we have our priorities sorted
• Unsecured debt - so risky we couldn't offer collateral
• Deferred payment / interest free debt - reality bites when you have to pay
  

Yes, generation XX-YY, or whatever numbers we are up to, is in the deep end, shovelling the brown stuff with a pitchfork.

As the true cost of living sky-rockets, they suddenly learn the value of why older folk, being much despised plodding capitalists, who might have amassed unnecessarily such assets as a house, using good debt to service a mortgage.

Personal responsibility bites again.