Top 5 British Celebrities in Debt
It may be good to know that it is not just us mere mortals who struggle with debt. There are more than a few celebrities in the UK who are not capable of making the right financial choices. Many have learnt the hard way that being rich and famous does not come cheap. So next time you complain about paying your ‘average Joe’ bills, think of these celebrities who face similar challenges, only on a broader scale – with the public watching.
Kerry Katona:
This former Atomic Kitten star has been through quite a bit in her 30 years. Not only did she have to deal with personal and health problems, financial issues have been a prominent factor in her life. The debt problems stem from a decline in her professional life. After quitting her stint with Atomic Kitten, Katona moved from reality show to reality show trying to find her niche in the entertainment industry. But, after many failed attempts to break into the industry, Katona was declared bankrupt at the High Court in London after failing to pay the final £82 000 of a £417 000 tax bill. In December of 2009, her £1.5 million home was repossessed after failing to make mortgage payments.
Shane Ritchie
Shane Ritchie may be best known for his role in popular Brit soap opera EastEnders, but for many he will be known as the actor who could not control his finances. His reputation for financial problems indeed precedes his acting talents. His money troubles included the sale of his dream home after failing to keep up with the £8,000 monthly payments. He has, however, managed to dodge the bankruptcy bullet thanks to friends covering his debts and saving his financial reputation.
Mike Read
Mike Read is a disc jockey who allowed his finances to run away with him. Read declared bankruptcy not once but twice, the latter occurring just last year. The second bankruptcy forced Read to sell his beloved collection of records and music memorabilia. Even this didn’t help much, as the record collection sold for only one tenth of its £1 million estimate. The remainder of the collection is being sold by the liquidators on ebay.
Joe Swash
The cast of EastEnders should take note. Joe Swash, an EastEnders cast member seems to have the same lack of money management skills as fellow cast mate Shane Ritchie. Not only was he a popular soap star, he also hit it big on reality TV winning the British show ‘I’m a Celebrity…Get Me Out Of Here!’ Unfortunately, money doesn’t equal responsibility, leading Swash to file for bankruptcy after failing to pay a £20 000 tax bill and debt consolidation loans.
Matt Goss
Known as one of the Goss brothers in the British pop sensation Bros, Matt Goss achieved fame and fortune while still a teenager. But thanks to years of squandering, Goss came close to bankruptcy by the end of the Bros reign as pop stars. Matt has since left the UK for the bright lights of Las Vegas and is apparently more careful about how he handles his money.
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