Make Me Rich 10: Fighting back from a blow out.

Interesting story this one, I’m musing it while I travel back on the train from filming in Nuneaton. This is a about a 25 year old dad/lad. The reason I say dad/lad is on the one hand he’s a doting father, who adores his toddler son. On the other hand it’s off to the pub with his mates and take-aways many nights a week.

The interesting thing here was until last January all was fine. Then he split with his girlfriend and it all went pear-shaped. In his words he thought “i’m going to have to go into debt as I’ve been left with the mortgage and other costs, so I’m just going to blow it.” Ten months later and £10k in debt, plus massively overspending, he deeply regrets it and wants a rescue.

I have to say the easy availability of credit is what made this happen. Normally as you’ll know I’m sanguine about debts – added liquidity if properly planned for is useful. Yet when I look at this case it makes me angry – Matt came close to ruining his life. Had he called Make Me Rich in a year and not now, it would’ve been too late – running at an annual overspend of over 20k.

Luckily he has the right attitude, with savings and spending reductions – I think he may just be alright…. scary how you can risk your financial security by just a few months of money madness.

Discuss this blog