Are we at a point in history that could be labelled 'The Debt Crisis'? Or is it another 20 years off?

This is just a topic for discussion if anyone is interested. I'm at a loss as to where this is all heading, I don't think we've seen anything similar before. So many of the younger generation are now so heavily exposed to debt that I can't see how they will ever be able to rise above it. They seem to have the attitude of live now and don't worry about the future.

Looking at the loans that go through Harmoney, it appears to me that this is spreading up the generations, with more and more 'older' people going further into debt rather than the historical progression of getting out of debt as we age. If house values fall (as it appears they are beginning to - certainly in some areas of Aus and NZ) it will significantly add to the problem.

The Australian Govt. appear to be very concerned as it's more prevalent over there, but I don't think they know what to do about it. The NZ Govt. recently brought in restrictions on excessively high rates on personal loans - is that enough?

Does anyone have a crystal ball view of what the future might hold?

This may not be the right area to post this, but I think those investing in P2P have a different perspective than others may have and that is the perspective I'm more interested in.