Top 5 Celebrities with Major Debt

Well, around 80% of the Americans are living with debt, most commonly mortgage loan, home mortgage loan, refinance loans, student loans, credit card debt, and many other types of debts. According to statistics, Americans now have a total of 1$3 trillion of debt. The debt problem is not only limited to common people but surprisingly, many wealthy people like celebrities also have huge debt, like mortgage loan, refinance loans, etc. Many even look for refinancing options or struggling to get out of debt they have. Here is the list of 5 celebrities with a surprising level of debt.

Charlie Sheen

Even when we believe Charlie Sheen may be a millionaire if not billionaire after playing a lead role in famous TV sitcom “Two and a Half Men”, it is apparent he is terrible at money management. According to reports, he is living with $12 million debt, with the home mortgage loan and refinances loans as major contributors. He bought multiple mansions with his mortgage loan but now selling most due to his financial troubles.

This is a lesson why we all need to explore options like second mortgage rates, use a mortgage refinance calculator, and home equity line of credit to make sure we are getting the best deal. Who wants to run in the problems like Charlie Sheen facing today just because of his ill-managed mortgage loan?

Pamela Anderson

Well, the next on our list is the famous and one of the most iconic stars of the 90s, Pamela Anderson from the record-breaking show “Baywatch”. Again, she is living with a debt of around $1.7 million, while home mortgage loan is the main source.

She took mortgage loan to renovate her home to make it eco-friendly but defaulted on payments. She is also facing multiple lawsuits for not paying the housing contractors. Another reminder why we should look for refinancing or refinance loans before it gets too late.

Toni Braxton

Can you believe it? Someone who has sold more than 40 million albums of her songs is actually living with debt? Yes, it is true as Toni Braxton applied for bankruptcy when she was unable to repay the $5 million debt she was living with. When the first two cases were of mortgage loan went wrong, this is a case of lavish spending as she is reported to spend $2.5 million on clothes and cosmetics in just two years.

Chris Tucker

The “Rush Hour 2” star is our next big celebrity is living under a huge sum of debt and back taxes, that worth around $14 million. The good news is, the Rush Hour 3 appearance is going to earn him around $25 million, that is exactly what the celebrity needs now.

The case of Chris Tucker is also of mismanagement of finances, in which his accounting team did several blunders that resulted in the foreclosure of his Florida Mansion.

Nicolas Cage

You may have won Oscars, but you can still get yourself into a huge debt. That is the case with Nicola Cage who is living with $14 million in debt, and filled for bankruptcy even when he was once earning $40 million a year.

He faced a combination of a mortgage loan, bad taxes, and lavish spending that got him in trouble. He even bought an island once as well as castles. He also owned 15 homes once, including several mansions.

I am sure if someone could have told him the importance of using a mortgage refinance calculator or home equity line of credit, he could have been in a better position today financially.