Is celebrity credit card debt a problem? Well, it might make you feel better about your problems to know that celebrities have problems too. In fact, most of the time celebrities have really big problems, not to mention their problems get reported in the media. Take massive credit card debt, for example. While many people might owe a couple thousand here and there, famous people who get into credit card debt often get themselves into hundreds of thousands of debt, credit card style.
That’s why we decided to take a look at some of the worst offenders. This proves that just because you’re famous doesn’t mean all your money problems are solved; sometimes being famous makes them worse.
#1 Kim Kardashian
Estimated Kim Kim Kardashian Credit Card Debt: $120,000
Kardashian was hired as a stylist for R&B singer Brandy and was given access to an American Express card. Big Kim immediately went out with her sisters and spent $120,000 on the account, proving that “Keeping Up With the Kardashians” is both expensive and financially dangerous. She is now being sued for the money, because it ain’t free … even if you’re a Kardashian!
#2 Courtney Love
Estimated Courtney Love Credit Card Debt: $350,000
Another American Express connoisseur, Love owes the company $350,000. She alleges identity theft, which is a bit hard to believe. It is plausible that someone would be able to pull off a really good Courtney Love imitation? Probably if you drank Patrone like an athlete drinks sports beverages, perhaps, but unlikely.
#3 Ed McMahon
Estimated Ed McMahon Credit Card Debt: $750,000
McMahon was a lovable figure, but toward the end of his life his financial situation was so bad he had to accept a bailout from Donald Trump in order to remain in his mansion. Making things even worse was the fact that his wife reportedly spent somewhere in the range of three quarters of a million dollars on the couple’s credit cards. Heeeeeeere’s bankruptcy!
#4 Lindsey Lohan
Estimated Lindsey Lohan Credit Card Debt: $600,000
It’s been rumored that Lohan owes over a half million on her credit card accounts. It goes to show that a substance abuse problem probably exacerbates financial problems because you’re not paying attention to your money. Lohan can still turn it around, but getting help with her personal problems needs to come before getting her financial problems in order.
#5 Tori Spelling
Estimated Tori Spelling Credit Card Debt: “Hundreds of thousands of dollars.”
Spelling likely incurred many bad spending habits: the daughter of entertainment mogul Aaron Spelling, and the star of a hit show over a decade ago (with no breakout roles since then). Spelling’s father, the creator of “Beverly Hills: 90210,” was worth hundreds of millions when he died — but surprisingly, left Tori a minuscule inheritance.
#6 Stephen Baldwin
Estimated Stephen Baldwin Cred Card Debt: $70,000
Some blame karma from starring in the cutout-bin movie “Bio-Dome” for Baldwin’s financial misfortunes, but here’s the real culprit: really bad management of money, plus living the Hollywood lifestyle that perhaps your brother can afford, but you cannot. Sorry Stevie, no one can remember another movie that you were in!
#7 Nicholas Cage
Estimated Nicholas Cage Credit Card Debt: $250,000
It’s no wonder that Cage is in so many movies; his financial issues are such a mess that he had to file for bankruptcy. One of the debts owed is for his ex-wife’s credit card account; the court allegedly ruled that Cage is liable for what she charged on the account. The actor has sadly had to sell a castle that he owned; now he must dwell in a regular home. It’s just not right, is it?
#8 Perez Hilton
Estimated Perez Hilton Credit Card Debt: $50,000
In a twist of fate that might leave all these celebrities salivating, Perez Hilton, purveyor of the celeblog of the same name that pokes fun at famous people, filed for bankruptcy — claiming credit card debts from college forced him to file for chapter 11. (That’s what happens when you charge too many scholastic champagne breakfasts to plastic. )
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- What can I do if I’m having problems paying credit cards?