The Devil is in the Fine Print

Big deals on gadgets are enough to widen anyone's eyes. Ironically, it can also make them blind to the truth. Many people are willing to click on the signup button while giving away their personal details and credit card information.

Weeks later, these very same people will find out in frustration that their bank accounts of have been charged a sizeable amount of cash. What they didn't know was that upon agreeing to the Terms and Conditions of a penny auction site, they've also given them the right to take out money from their credit card.

Reading the Terms and Conditions of any product can be a daunting exercise, but it is a necessary one. Who knows, there might be a line tucked into that wall of text authorizing you to sell yourself into slavery. Yes, this is merely a hyperbole, it doesn't erase the fact that there are endless ways to scam you without letting you know outright.

This guy just signed away his children for a new Ford Mustang.

Penny Auctions Live On

Much has been said about the demise of penny auctions. The number of scams that had arisen from this industry didn't do much to stop the doom and gloom outlook of many people.

After a tumultuous period that saw many penny auction companies die out, there are a few that still live on and are still thriving.

The same has been said about the radio and the television, but they are still far from extinct today. Charles Darwin was right to note that only the strongest will survive. Many have hopped on the penny auction bandwagon, most of them hoping to cash in on the craze. After the fad had died out, the only ones remaining were those that took the industry seriously and those that had invested heavily into the business.

Does the horizon still look bright for the humble penny auction? I don't really know the answer to that, but I can surely say that it would be too early to write them off.