Generous lending standards have been to blame for much of the problems in today's markets. Borrowers took on more money than they could afford to pay back while lenders were eager to issue more money in order to boost their own profits. And since they securitized these loans, they didn't care how likely it was that loans were paid back. Now, we are seeing the reprecussions from all of these poor lending practices. Credit cards have been one of the largest problems with the average person between 18 and 24 carrying $6,000 in debt - that can be crippling for anyone.

From PRLog:
With present economic conditions limiting American salaries and overall debt at record highs, Gen Yers are facing even bigger budget deficits. “The buy now, pay later lifestyle that so many baby boomers have become accustomed to is slowly rubbing off on their children,” says Jessie Conners, former Apprentice and author of Nightmare Nation: Redefining the Pursuit of the American Dream. Since Gen Yers spend over $175.1 billion dollars per year, it’s no wonder that retailers and credit card companies are targeting them much more than they did in the past. “A recent survey by the NSW Office of Fair Trading found that people between the ages of eighteen and twenty-four have an average debt of over $3,000,” says Ms. Conners. “And for those who have credit cards, their debt is over $6,000.”