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Celebrity Credit Report Revealed

By Faye Mergel
Published: Monday, December 14th, 2009

Most people think that if they have as much money as celebrities do, they will not have a tough time managing their credit card debts. But even the million-netting celebs are not free from debt woes as their credit reports show that they are also having a tough time dealing with their creditors.

Celebrity Credit Report Revealed Tori Spelling is the daughter of the late billionaire Aaron Spelling, the man who made his fortune by being a television and film producer. Tori enjoyed success as a star of Beverly Hills 90210 until the show went off television. By then, she had hundreds of thousands of debts on her plastics. She blames her bad shopping habits for the tons of debts on her credit report. She says she got so used to having a hit television show that she never weaned herself off spending a lot of money. Fortunately, she got to work again and was able to tidy up her credit report. When it comes to the case of Miss Spelling, finance advisers say a high-paying job is not a guarantee that a person can manage his debts well.

Next in line to the latest unveiling of celebrity credit reports is Ed McMahon. The late entertainer did everything right on television but his financial life proved to be a bit of a mess. Before he died this June, his home was on the verge of foreclosure and his card debts were in tons. Some sources say his plastic debts were anywhere from $180,000 to $750,000. During a Larry King interview, McMahon admitted that he spent more than he made that is why his credit report is ravaged with delinquencies and loan defaults. McMahon also admitted that his wife has similar spending habits.

Money it barely a problem for the Kardashians, but Kim and her sisters seem to get a little out of control when they get their hands on a credit card. Kim was hired as a stylist for R&B singer Brandy Norwood. Norwood’s mother alleged that she lent Kim a plastic for a single purchase. But the socialite shared the card with her sisters, racking up more than $120,000 in card debts. Kim contends that she was allowed to use the card for more than one purchase.

Courtney Love is also carrying a lot of delinquencies on her credit report. Earlier this year, American Express sued her for not being able to pay off the $350,000 balance on her gold card. But Love claims that her social security number was stolen and those items on her credit report are fraudulent, that is why she refuses to pay.

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