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The phrase "a generation of debt" is correct and usable in written English.
It can be used to describe a period during which a significant number of people or a society has accumulated debt, often implying a lasting impact on future generations.
Example: "The economic policies of the last decade have led to a generation of debt that will burden our children and grandchildren."
Alternatives: "a cycle of debt" or "an era of indebtedness".
Exact(2)
A generation of debt politics has left our leaders with no room to maneuver.
Adding a further burden of debt to people doing postgrads is just creating a generation of debt peons.
Similar(56)
The whole further education system is an exam factory churning out a generation of debt-dependents.
Joanna Elson, chief executive of the MAT said: "The gradual erosion of some families' surplus income in the face of rising prices has led to a new generation of debt problems, one to which more people are vulnerable, one which is harder to resolve, and one which has no definitive solution.
We can't afford a generation of Americans buried in debt.
(National Interest) What's the significance of a generation of retirees with substantial mortgage debt?
We are only just beginning to see the social impacts of loading a generation of graduates with ever-increasing debt levels.
So I offer this olive branch to vice chancellors - let's join together to campaign for further investment in universities, but without burdening a generation of young people with crippling debt.
In the new paradigm, neither money nor credit will be tied to the generation of debt.
The price of college, the best elevator to the middle class, is cruelly high, forcing a generation of young people to carry oppressive debt for the first decade or so of their adult lives.
The term's original meaning was broader, referring to a generation of musicians unified by their collective debt to either the musical style, or simply the independent, D.I.Y. ethos of punk rock, which in the late 1970s laid the groundwork for alternative music.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com