Monday, May 11, 2009

$315,000 worth home auctioned off for $20,000!!

Ever thought in your wildest dreams that a credit card debt of only $8000 would make you lose your dear home which would cost over $315,000? This is what a Brisbane couple had to experience for non payment of their credit card dues and to rub salt to their wounds the home was sold off for $20,000 at a bailiff's auction.

And the biggest shock was when the new owner of the house who had to pay the $220,000 mortgage of the couple phoned to them and asked them to get out of the house. So what this married couple got at the end of the day was $5000 since the rest of the $15000 was adjusted towards the costs. Imagine $5000 for a home which costs $315,000 in the current scenario!!!

In another case a debt collection company tried to sell a home for just $850.

There have been several such cases happening and will continue to happen around the globe for non payment of credit card debts.

Moral of the story

Never spend more than you can pay
Pay off your credit card debt on time
If possible use your own cash rather than opting for a credit card

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