Celebrities Who Have Gone Bankrupt Due to Bad Splurging Habits
What do Burt Reynolds, Kim Basinger, Gary Coleman and MC Hammer have in common?
They are but a few of the many celebrities who filed for bankruptcy at one time or another. Last July 21, 2009, Stephen Baldwin name was added to this infamous list of celebrity debtors. As a guilty pleasure, we follow their stories, click our tongues and wag our heads at their meteoric fall from grace. Like vampires we drink in every sordid detail of celebrity debts while wondering, “How could they have blown such a huge amount of money?”
Spending Money Lavishly Sometimes Can Be a Downfall
Celebrities usually make a lot of money in a small amount of time and they get this false sense of security that they will always be able to the jobs needed to feed their luxurious lifestyle.
Of course, one $35,000 watch does not automatically spell celebrity bankruptcy — but it could be the first step towards that direction. If celebrities develop a habit of spending more than they are earning, that is when splurging becomes a serious problem. Apparently, when MC Hammer sang “Can’t Touch This,” he was not singing about his money. The famed rapper’s forty-member entourage outspent his $33 million income on lavish day-to-day living.
