Credit cards do not seem to be a luxury item that can only be owned by rich people today. Especially with the current global economy, everyone has a role in helping the country’s economic development. With take card payments, it is also easier for people to make their credit cards from home. However, not all use of credit cards can bring happiness to their owners. Sometimes it can be disastrous if they can’t use it wisely or get into trouble beyond their expectations, as happened to a man from Australia.
A man in Australia owes a private bank in the Land of the Kangaroo, Commonwealth Bank. This man named Assam has to pay off credit card bills for the next half-century from his age, 58 years.
That means the bill must be completed by Assam for 146 years or in 2164 when Assam was 204 – if he was given the gift of longevity. However, that is impossible. History records, the longest human life on Earth is Jeanne Calment (1875-1997). The French woman died at the age of 122 years and 164 days.
The debt trap began when the retiree, who has a disability, has been unable to work since 2003. Assam is said to be barely able to make ends meet because of illness.
On this basis, the Commonwealth Bank “generously” helped him. Assam is allowed to use as many as five credit cards, with each minimum balance limit of 61,500 Australian dollars.
The Assam debt listed on the CommBank Mastercard has already reached 44,000 Australian dollars. This was accumulated after the bank pushed its limit from 2,000 Australian dollars to 44,600 Australian dollars in 2015 – this is the same year when he moved apartments because he could not afford to pay rent.
Meanwhile, a senior official on public policy said that those who are constantly entangled in credit card debt are very profitable for banks. On the one hand, it is burdensome for themselves.
In a statement sent specifically to the media in Australia, a Commonwealth Bank spokesman conveyed an apology to Assam.