Kerry Katona begs bankrupt Katie Price not to ‘feel guilty’ about blowing £45m

Kerry Katona has told bankrupt Katie Price not to "feel guilty" about blowing her £45 million fortune after she was declared bankrupt last week.

Fellow reality TV star Kerry, 39, has opened up about her own struggle with debt and offered some advice to pal Katie, 41, in the afthermath of her financial meltdown.

Mum-of-five Kerry has been made bankrupt twice before and although she's battled back from the brink, her finances are still tight around Christmas.

However, the former Atomic Kitten star insisted Katie should not feel bad about her struggle.

In her column for this week's new! magazine, Kerry wrote: "She's just been made bankrupt, but she should take this opportunity to start afresh.

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"My advice would be to surround herself with good people who she trusts and try not to feel too guilty.

"All my money was stolen from me, so it's a slightly different situation to blowing £45 million, but hopefully Katie will go easy on herself, as bankruptcy is a truly horrible experience."

Katie was declared bankrupt last week after spiralling into debt and struggling to pay off around £12,000-a-month to her creditors.

It's the first time for Katie, but her mate Kerry has gone through it twice before.

Kerry was first declared bankrupt in 2008 after failing to settle a £417,000 tax bill.

She continued to struggle and went through the process again in 2013 after her finances took a major blow.

Kerry had lost a major contract with supermarket chain Iceland, and her TV shows and was struggling to cope with her mortgage repayments.

In 2012, she admitted she'd not been careful with her cash and had splashed out on expensive presents for her partner at the time.

She admitted bankruptcy was a struggle, but she persevered and got through it.

Kerry told the MEN : "I lost a lot of contracts, I lost the Iceland deal which was huge money.

“It was a financial struggle but I was still waking up every morning.

“I understand why people kill themselves. There was times and there have been times of late that I think ‘I can’t cope with this.

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"How am I going to pay their school dinner money?'…

"I'm not guaranteed my work and unfortunately in this industry if you’re not seen as successful and because I was in bankruptcy people don’t want to work with you.”

Kerry lost her home and her cars, and ended up taking her kids out of their private schools.

Afterwards, she wasn't allowed a credit card and had to live in rented accomodation.

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