I would agree that, as long as you hang onto your job, you're more likely to be better off. Lower interest rates, supermarkets fighting for your custom, cheaper petrol etc etc.
Another possible side effect will be the reality check a lot of today's over indulged teenagers are likely to receive when they realise that designer gear, foreign holidays and such like are actually luxuries and not day to day necessities.
Why single out the teenagers?
Surely it was mostly stupid adults who got themselves into huge debts because they spent way beyond their means on luxury items like clothes, flat screen TVs, holidays, houses, furniture etc. Many things weren't needed, but they had to have them.
Perhaps we will all catch ourselves on now that this has happened and realise that we all don't need everything we see. I'm sort of glad in a way that the whole consumerism madness is going to be hit. I don't have a plasma, wear overly expensive clothes or drive the latest car. But I will still be cutting back on some things over the coming months just to play it safer. Perhaps we will see less snobbery on this country. I for one will be happy just to have a job in a 2009/2010, and hopefully see out the recession.