I Read This Article In The Sunday Times Last Week

[10ClarionSt]

This is only a small part of it but I just can't understand how any intelligent person can get into situations like this. Throughout my working life I have always earned well below the average wage but by careful management of limited finances, we were able to provide for three children without getting into debt. My wife stayed at home to look after the children when the only help available was Family Allowance, now Child Benefit. We didn't have any credit cards and would save for the things that we wanted. The trouble is, credit is too easily available now. Much easy. We couldn't get a mortgage unless we were married. Happy days!

https://www.thetimes.co.uk/article/im-an-ex-mp-get-me-out-of-debt-xzc9fr3c5

[Guilbert53]

>>>I just can't understand how any intelligent person can get into situations like this.

While he was an MP he would have had a good salary plus expenses.

While an MP he may have taken out a huge mortgage, perhaps having to pay £2000 or £3000 a MONTH on his mortgage (some people in London borrow £300,000 or £400,000 or more on a mortgage).

Once he lost his seat as an MP he may not have got another job but would still have been expected to pay his mortgage plus any other bills linked to his house/flat.

So he would very quickly have got into debt.

I remember a few years ago the singer Dionne Warwick was declared bankrupt and you would have thought after all her hits and her ability to tour and make money that she would never had money problems.

When a person has a good income they can splash the money around, but when their circumstance change it is often hard to reduce your outgoings and you can easily get in to debt.