Did you make bad financial decisions? These celebs too
Have you ever needed money right away? The answer is yes, right? Well, you are not alone; everyone needs a more significant sum of money at some point in their lives. The fastest way to get cash is to apply for a mortgage. If you’ve done that before, you already know that your credit score is an essential part of that process.
Celebrities are people as well, and even though they need and have more money than regular people, they still get loans, and they still need mortgages. Some celebrities use that money to invest, and some use them to buy things they don’t need.
Here we are going to talk about celebrities that decided to get a loan from the bank, and it ended up being the worst decision of their lives. These celebrities ruined their lives by borrowing money and ended up broke. Let’s see who made the biggest mistakes.
Kanye West
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Did you know that in 2016 the rapper tweeted that he was $53 million in debt? The reason for that was his fashion line. Unfortunately, you cannot see that tweet on his timeline because Kanye decided to delete it. Luckily, West is married to Kim, and she paid off his debt. It’s fun being married to someone with money, right?|
Luckily for him, Kanye did not get in too much trouble for borrowing money from a bank, and the West-Kardashian family is smart enough to invest in fashion and real estate, so they earn more money faster.
Stephen Baldwin
Alec Baldwin’s younger brother filed for bankruptcy in 2009 because he had a couple of mortgages, and owed money on taxes. Even though things seemed like they are getting back on track for Stephen, in 2017, his house was foreclosed because he spent six years with no mortgage payments.
Did you know that Baldwin was in jail and served five years’ probation because he didn’t pay taxes for three years?
Charlie Sheen
Okay, we all knew that Charlie is going to make it on this list. He is on every list where celebrities are in trouble or did something terrible.
Charlie’s debt happened because he stopped being a part of the famous show, Two and a Half Men. Reportedly, his monthly income while he was on the show was about $600,000, and after he left it, his income fell to less than $80,000 per month.
Even though that number is huge for us, apparently for Sheen, it wasn’t. After his income reduction, he could no longer afford to pay his mortgage, credit card bills, and all other monthly debt payments.
Dennis Rodman
We all know Rodman as a teammate and a great rebounder of Michael Jordan. Well, that was before becoming an eccentric celebrity. In 2012 people close to Dennis said that he could no longer pay child support and that he can barely afford living expenses.
At that time, he reportedly owed over $800,000 in child support. If that wasn’t enough, he was also accused of stealing an amethyst crystal from a yoga studio. The crystal was 400 pounds in weight, and it reportedly cost more than $500. Later on, Rodman denied these allegations, and he said that the amethyst was given to him as a gift.
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Other celebrities
There are so many other celebrities that are or were in debt. Trading places with them is not something that you would like to do, right? They include:
- Michael Jackson
- Nicolas Cage
- Floyd Mayweather, Jr.
- Mike Tyson
- 50 Cent
- Burt Reynolds
Have you ever gotten a mortgage? If you need some extra money, a payday loan is a great way to get some extra money that you can return in less than a month.
You should always be smart before getting a mortgage, especially if you put your home on the line to get that money. Experts say that you should always talk to a professional before you borrow money, so you don’t end up like some of these celebrities. Make sure you have a good credit score so you can be granted a loan from the bank. And never, ever, get a mortgage that has a monthly payment higher than your monthly paycheck.
If you have some tips about mortgages or if you know about any celebrities that ruined their lives by getting a mortgage, we would love to hear from you! What’s the best thing someone can do to improve their credit score?
