Sarah Ferguson (aka The Duchess of York) the former wife of Prince Andrew, the Duke of York, has announced that she may file for bankruptcy due to mounting debt troubles that have been dogging her for years. While she hasn't revealed exactly how much money she owes, Fergie has gone on the Oprah Winfrey show revealing that she is deeply indebted and that's why she attempted to sell an introduction to her ex-husband the Duke of York for £500,000.
She told Winfrey: "Like anybody that goes through, whether it be addiction to food, addiction to goodness knows what, I think that I don't call it an addiction because I think it's just out of control behavior.
"I don't know, Oprah. I don't know. But I do know that I think running up huge debts and being out of control, never knowing how to deal with it, all of these issues are now to be really looked at."
News of Fergie's money troubles and tumble into bankruptcy came out after she agreed to meet with a businessman who wanted an introduction to Prince Andrew; but unfortunately for Fergie, the meeting was only a sting operation organized by the News of the World and a reporter who were filming everything.
While many Americans who have heard Fergie's story may feel little sympathy for her, the truth is that she is yet another example of how debt can drive even royalty to do desperate things. Maybe if this royal had chosen to put away her pride and face up to the fact that she was in debt beyond her means to pay she could have avoided being in such a desperate situation that she would even need to consider the "pay for access" deal that has many shaking their heads. Luckily for her, her young daughters apparently understand the power of bankruptcy. When asked about how they felt about Fergie filing for bankruptcy, they said:
"It's a really good fresh clean start for you. We're 100% here for you and we love you."
Yes bankruptcy is a "good fresh clean start" and a start that many more indebted individuals should at least consider.