Celebrities Who Were Hit with Major Debt

When we think of celebrities we often think of extravagant wealth. However, more than a few celebrities might assume that their status, wealth, not to mention income streams are something they can always rely on.

Many celebrities out there spend a ton of money on things like real estate, vehicles, clothes, organic food and nutritional supplements — just to name a few expenses. Below, we go over a few celebrities whose income isn’t what it used to be as well as celebrities who may have had a substantial amount of debt before they became a household name.

Miles Teller Student Loan Debt

Before Miles Teller broke into the movie scene with notable roles in The Spectacular Now and Whiplash, before becoming something of an A-list actor, Teller had accumulated around $100,000 in student loan debt. Ouch!

Teller began his now-flourishing career as a thespian during his senior year of college and began earning money for his acting work before he graduated. Even so, Teller had trouble paying for his high-interest student loans. 

Student loan debt statistics report that Americans have accumulated around $1.71 trillion in debt as of 2021.

Hopefully these days Teller is no longer drowning in student loan debt and instead swimming in his acting riches.

Gary Busey’s Unsecured Loan Debt

Gary Busy has a lot in common with Mickey Rourke — except maybe without the substantial comeback roles that Rourke enjoyed in the late 2000s. 

Although Busey has had a number of iconic roles in movies like Point Break, The Buddy Holly Story, Big Wednesday, and Lethal Weapon, he has also had a significant amount of setbacks due to drug problems and living a fast-paced lifestyle.

Busey lived through a motorcycle crash that resulted in severe head trauma, not to mention a cocaine overdose that landed him in the emergency room. Those sorts of medical costs are not cheap. As a result, Busey accumulated over $500,000 in unsecured debt, which included medical debt as well as bank loans.

In order to contend with his messy debts, Busey filed for Chapter 7 bankruptcy, which had a significant impact on his credit score.

Other options for dealing with medical debt include medical debt consolidation  

Charlie Sheen and the IRS

Even though Charlie Sheen made a comeback as the lead in the syndicated television show Two and a Half Men, he had a very public meltdown that resulted in Sheen being booted from the show. 

Quickly, due to lifestyle choices and a lack of substantial income after being fired from the show he starred in, it was reported that Sheen was in debt for over fifteen million dollars. Sheen’s debts included mortgage and tax debt among other types of debt. 

The average American owes around $7,000 in credit card debt according to current statistics, which is a lot for the average person, but nowhere near on Charlie Sheen’s level.

Ways to Get Out of Debt

There are more than a few ways to contend with significant debt, which include loan consolidation, selling owned property in a pinch, as well as title loans. If you find yourself in a dreadful amount of debt like the celebrities mentioned above, remember that you do have options for getting out of it.

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