What is happening in England, related to consfication of homes , jogged my memory.
When credit cards first became available in Australia my father explained to me that if I , or anybody for that matter, could not continue to meet their obligations that credit card company could take your home.
I never heard of an instance where this happened,but do know it to be true.
My father always referred to credit cards and "hire purchase' as never-never......never own it and never pay it back...always live within your means.
The latter always stuck in my mind although there was times I took a chance and got away with it.
Sorry did not mean to put in the "explain yourself" quote.
