A Royal Spendaholic: Fergie on the Brink of Bankruptcy - By: Molly Wider

Several months ago there were whispers that Fergie's personal accounts may be in the red. She has appeared on television claiming to be living a 'hard up' life as a single parent, even though her recent divorce settlement left her with more than $4 million, which has since dissipated into thin air.

Perhaps it was the spending spree she enjoyed on a recent New York trip where a whopping $6,000 was left in exchange for 20-pairs of shoes, or maybe it was the $100,000 in must-have dresses that she spent in the same day that has left her scrambling for money to pay the bills. Either way, its no wonder Fergie finds herself on the brink of bankruptcy. Although she has had millions in the past, they have been spent in more-or-less an 'un-wise' fashion. Being referred to as a spendaholic, Fergie, now 50, is estimated to be approximately $4 million in debt from shopping. After releasing her entire staff of 12 in an attempt to save herself from bankruptcy, she still managed a weekend trip to the Virgin Islands, all the while the High Court is waiting for her defence on an unpaid bill for $400,000.

News stories spread like wildfire a few months ago when the famous Duchess was caught trying to sell access to her ex-husband for $1 million. She has since been warned that her credit is frozen after missing a payment and the Royal family has declared her unfit to be a member and have made it clear that they will no longer bail her out and that her debt is hers alone; that she is on her own. Fergie may very well end up being forced to declare bankruptcy which you can guarantee, will cause immense embarrassment to the royal name.

Fergie's situation is not typical for most of us to that degree of debt, however, any amount of debt that cannot be managed can easily become out of control. While bankruptcy is an option, it should not be the first resource one thinks of when they feel bills piling up. Sitting with an advisor and considering a consolidation loan is a much-preferred solution. If you are in a similar situation where your monthly debt load is taking over your monthly finances, you may want to contact a private lender for help.

Getting a bad credit loan with a private lender can be incredibly easy since many lenders specialize in working with clientele with bad credit. Some lenders can have your loan approved within hours and have your loan wired to your account within 24 hours. Think of the freedom you can have by consolidating your bills into one with a bad credit loan, all the while, rebuilding your credit rating during the repayment process.

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If you are working to pay off bills and are still feeling overwhelmed or out of control, perhaps getting a debt consolidation loan can help. If your bad credit is preventing you from obtaining one at a standard financial institution, we can help. Visit our Car Title Loans website for more information. Visit our Bad Credit Loans Blog for more articles like this one.

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