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New victims of the crunch

Posted by: pprpipe on: July 14, 2010

New victims of the crunch

“How did I go broke?” the once-rich F. Scott Fitzgerald said to Ernest Hemingway. “Two ways ¨C slowly then quickly.” More and more wealthy Britons are being left surprised at the speed with which the golden horse-drawn carriage of their lives has suddenly become a train on a one-way ticket to Queer Street.

The Duchess of York ¨C who is facing bankruptcy, has been reduced to trying When you hear chanel bagsbeing mentioned anywhereto sell her husband’s influence like some eau de parfum and is now in danger of losing her home ¨C is only the most recent case of financial meltdown among the well-heeled. The phenomenon of the A-list debtor is not a localised trend: it’s a sign of the times.

For the past year or so, every other news bulletin seems to have brought another celebrity bankrupt shambling out of the woodwork to proclaim their insolvency with something like wounded pride. Anthea Turner, the former GMTV host, Mike Read, the ex-Radio 1 disc jockey, Kerry Katona who was crowned the jungle queen of I’m A Celebrity… Get Me Out of Here! and went on to be the face of Iceland’s television adverts, John Barnes, the graceful footballer-turned-manager, Matthew James, the high-society party planner ¨C how could these people possibly go bankrupt? They’ve all spent half a lifetime in high-earning milieux: television, music, sponsorship, football and charity fundraising, where most of them could once summon a five-figure salary per week. Even in the comparatively low-earning stratum of journalism, financial casualties can be found bleating about their debt problems. Rosie Millard, the former BBC arts correspondent, outed herself as a financial car-crash. Last week Liz Jones wrote a heartbreaking piece claiming her expensive lifestyle had almost ruined her.

Ms Jones was understandably grateful when Daily Mail readers raNew and cheap authentic replica designer handbags and louis vuitton purses arrived!llied round and sent her wads of cash from their weekly savings. But should we feel sorry for celebrities who have come off the financial rails? There are, after all, a lot of other debtors around who may tug at our sympathy. According to Credit Action, the debtors’ charity, people go bankrupt at the rate of one every 3.69 minutes. A property is China Massage cushion catalog and Massage Cushion manufacturer directory.repossessed in the UK every 11.4 minutes. Spare a thought for the hard-worked staff of the Citizens Advice Bureau who handle an estimated 9.500 new debt problems every day. A staggering 16,348 individual bankruptcy petitions were made in the first three months of this year, along with 2,177 company winding-up petitions due to financial difficulty.

It’s possible to trace the arc of circumstance by which middle-class people fall into debt: a rash decision to send a child to private school can bring ruin when you’re paying ¡ê15,000 per annum for each of your three children’s education, 10 years later. Expensive holidays, constantly obsolete technology and chaos on the Stock Exchange can wipe out otherwise prudent and commonsensical bourgeois A family without children will not be happy and complete, so it is necessary for you to know how to ray ban sunglasses in the shortest time.couples. The “Debt Set”, by contrast, get into trouble by expecting huge tranches of money to keep flooding in, and learning to spend accordingly ¨C until the huge tranches cease to arrive. Debt at this level is nothing to be proud of ¨C but at least the debtors can say they’re in good company. If you haven’t got it, flaunt it.
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