Here is a story locally about an attorney who ran his debt up too high. He had a 20 Million Dollar house he had to sell in an auction. He sold the house for 7 million dollars to…… pay off his revolving debt. Can you imagine having to sell a house worth millions just so that you can pay off all the debt you have ran up. Even though he made millions he still has problems with credit.
Hopefully none of you are ever in this position of having so much revolving debt that you would need to sell your house. This story also begs the question why did this attorney need such a large house. If he had lived within his means he wouldn’t have needed to sell his house. In addition to this he is also lost the money-making business he was associated with.
Originally written for www.basiccreditinfo.com