The Not-So-Rich and Famous - Celebrities in Debt!
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Oct 21, 2011

The Not-So-Rich and Famous - Celebrities in Debt!

Pile of debtNobody likes being in debt. And whether you’re dealing with your financial problems alone or with the assistance of a professional debt management company, it’s always nice to know you’re not alone. And believe me, you’re not!

In fact, there’s some fairly famous faces who have battled with financial woes as well and here are just a few of them.

Nicholas Cage

Movie star he may be, but it seems Nicholas Cage isn’t exactly the action hero when it comes to taking care of his bank balance. Despite earning a reported $15 million (£15 million for those of us on the British side of the Atlantic) per film, Cage managed to wrack up some hefty unpaid tax bills and began selling off some of his very fancy British properties to repay the debts, including his castle (yes, castle) in Somerset.

Castle? Gee, I can’t imagine where all Mr Cage’s money went.


Mike Tyson

Tyson is a household name and arguably one of those notorious boxers of all time. But he wasn’t all that great at fighting financial woes. He managed to accumulate debts amounting to a staggering $27 million, before finally filing bankruptcy in 2003.

That level of debt certainly makes most consumers feel better about the size of their credit card bills, that’s for sure!


MC Hammer

The man responsible for a decade of terrible trousers and that love-it-or-loathe it song, ‘U can’t touch this,’ MC Hammer clocked up a staggering $13 million in debt! A lot of his troubles started after being sued on 2 occasions for copyright infringement relating to his music. He ended up filing bankruptcy in 1996.

Fergie

Sarah Ferguson, Duchess of York wracked up some royally unmanageable debts amounting to more than $400,000. Again, that should help to put the average consumer debt into a little context!

Michael Jackson

Whatever your opinion of Jacko, there’s little dispute as to his incredible talent. But despite being arguably the most in demand pop star of all time, it was reported that he died in over $400 million of debt. He has the hefty-on-the-bank balance Neverland Ranch to maintain and also spent a reported $25000 per month on medical needs. Those are just some expenses that contributed to that huge debt!


So perhaps you can breathe a sigh of relief that even the once-rich and famous can find themselves in a pickle with their finances. It’s not just us ‘normal’ people. But if you’re struggling with debts, whatever their size, there are plenty of options for professional help and advice local to you. Do your research!

Author Bio: This article was written for us by Hannah Le

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