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Newsreader from 'riches to rags' - AOL Money
A homeless former high-flying newsreader who once earned £100,000 a year said he hoped his riches to rags tale would be a salutary lesson to shoppers intent on over-stretching themselves at Christmas.
Ed Mitchell, 54, has been forced to spend his nights sleeping on a seafront bench 400 yards from the £500,000 house he once owned in Hove, East Sussex.
The father of two once enjoyed the trappings of a distinguished media career, which started at Reuters news agency 33 years ago and led to him working for the BBC, Sky, Channel 4 and ITN's News At Ten.
But his fortunes nosedived after he was made redundant as a news presenter for the US network CNBC in 2000. Faced with debts of £50,000, he signed up for more credit cards to keep up with the minimum repayments.
His debt spiralled out of control and he was unable to recover, leading to him selling his house to free up equity to meet his credit card repayments.
When pressure caused by his mounting debts caused tension between him and his wife, they divorced two years ago. His debts rose to £250,000 before he was made bankrupt two weeks ago.
Mr Mitchell said his debts were not as a result of indulgent living but through a heavy reliance on credit cards to make ends meet.
Speaking from a charity base in Hove, smartly-dressed Mr Mitchell said he represented a growing number of white collar professionals in Britain whose lives have hit rock bottom through debt.
He said: "I went from earning £100,000 to zero. I didn't want to claim benefits partly out of personal pride. I didn't have great debts but they spiralled out of control.
"The credit cards just took on a life of their own. The costs were mounting up with the interest rates and the minimum repayments were becoming more than I could possibly earn."
A homeless former high-flying newsreader who once earned £100,000 a year said he hoped his riches to rags tale would be a salutary lesson to shoppers intent on over-stretching themselves at Christmas.
Ed Mitchell, 54, has been forced to spend his nights sleeping on a seafront bench 400 yards from the £500,000 house he once owned in Hove, East Sussex.
The father of two once enjoyed the trappings of a distinguished media career, which started at Reuters news agency 33 years ago and led to him working for the BBC, Sky, Channel 4 and ITN's News At Ten.
But his fortunes nosedived after he was made redundant as a news presenter for the US network CNBC in 2000. Faced with debts of £50,000, he signed up for more credit cards to keep up with the minimum repayments.
His debt spiralled out of control and he was unable to recover, leading to him selling his house to free up equity to meet his credit card repayments.
When pressure caused by his mounting debts caused tension between him and his wife, they divorced two years ago. His debts rose to £250,000 before he was made bankrupt two weeks ago.
Mr Mitchell said his debts were not as a result of indulgent living but through a heavy reliance on credit cards to make ends meet.
Speaking from a charity base in Hove, smartly-dressed Mr Mitchell said he represented a growing number of white collar professionals in Britain whose lives have hit rock bottom through debt.
He said: "I went from earning £100,000 to zero. I didn't want to claim benefits partly out of personal pride. I didn't have great debts but they spiralled out of control.
"The credit cards just took on a life of their own. The costs were mounting up with the interest rates and the minimum repayments were becoming more than I could possibly earn."
