Debt Management – The Cost of Celebrity
Celebrities are good at burning money – but just because they earn a packet doesn't mean they don't get caught out. Debt management is something even the biggest billionaires have had to look at. Donald Trump may have clawed his way back, but a decade ago, debt management was something he desperately needed. But with personal liabilities adding up to around $900 million, his three casinos and hotel were forced into bankruptcy. Not only that, his divorce left him $14 million poorer. Debt doesn't have to be the end of success – he's now worth $2.5 billion, but even the richest men in the world have to consider debt management strategies at some point in their careers.
Debt management – celebs not immune from repossession
Michael Jackson is the latest celebrity to suffer debt disaster. Debt management is top of the Jackson agenda as a recent report on the BBC website reveals he has repeatedly failed to pay the mortgage on a Los Angeles house used by his family. Without drastic debt management solutions, it's expected he will also lose his Neverland ranch as he's currently in $25m arrears on the property. Repossession is something affecting more people this year as a result of the credit crunch, but the news about Jackson shows even the world's biggest stars are not immune from debt. However, debt management solutions are still being sought – the 49-year-old singer is now seeking a new loan to save his ranch from being sold at auction this March.
Celebrity troubles – divorce, drugs and debt
Another major musician, Whitney Houston, has also gained notoriety for debt problems. The singer was desperate for debt management solutions after a long battle with drugs and undergoing divorce from ex-husband Bobby Brown. Missed mortgage payments and back taxes meant her New Jersey estate was seized. Debt management plans included a high profile auction – Houston was forced to sell her clothes, instruments and sound equipment to help pay off a debt she had with the warehouse storing the items.
Debt management solutions for the rich and famous
Debt has long been associated with musical genius – Wolfgang Amadeus Mozart may be one of the world's most famous, if not the most famous composer of all time. He was unable to manage his debt, and was buried in a pauper's grave aged 35. But debt affects those who have found success, fame and fortune as much as the rest of us – Elton John, Kim Basinger, Burt Reynolds and Mike Tyson have all struggled to find debt management solutions.
Speak to Kensington Finance for debt consolidation and debt management solutions.
Kensington Financial Management Consultants Ltd is a total finance solutions company helping people all over the UK. We speak financial sense. We will allocate you a friendly advisor who will chat through your current situation and formulate a plan for you without obligation. Let us work out a financial solution based on your individual circumstances. It's our aim to help everyone who contacts us. With debt solutions from debt management and IVAs, mortgages & re-mortgages, secured & unsecured loans and advice and information for debt consolidation, bankruptcy and Trust Deeds, we can help. It really is worthwhile giving us a call or applying online today for a confidential chat with one of our friendly advisors. Call FREE on: 0800 096 4409.