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(How) Even Celebrities Can Get Into Debt

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Last Updated on by Noni May

When you see old episodes of MTV Cribs or watch stars arriving at galas and awards dinners, it’s very easy to assume that they have giant bank balances. While many famous faces are incredibly wealthy, not all celebrities are as well off as they may seem. As the infographic below confirms, even the most well-known people can get into debt.

Financial struggles seem to be rife in the worlds of sport, music and acting. If you’re a movie fan, you might assume that Hollywood stars who command vast fees could never risk falling into the red, but you might be surprised at some of the names that crop up when researching celebrity debts. Nicolas Cage, a household name, was ordered to pay $6 million to the IRS in 2009, and he experienced money troubles for several years after blowing his earnings on luxury yachts, mansions and a collection of vintage cars. Fellow actor, Wesley Snipes, also found himself in trouble with the authorities. He was ordered to pay back $17 million in tax and spend 3 years in jail. Rush Hour star, Chris Tucker, also ran into difficulties after incurring debts of more than $11 million, and Stephen Baldwin was declared bankrupt in 2009 and charged with tax evasion in 2012.

Away from the Hollywood Hills, a host of other celebrities have fallen on tough times. Baseball legend, Lenny Dykstra claimed overall debts of $37 million when he filed for bankruptcy in 2009 and boxers Mike Tyson and Evander Holyfield have both squandered millions of dollars earned in the ring. NBA star, Antoine Walker, accrued more than $110 million during his basketball career, but filed for bankruptcy in 2012.

This infographic just goes to show that you can get into debt, no matter how famous you are.


Infographic Produced By Snappy Loans

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