When it comes to celebrities and money, it is said that they are huge spenders and end up saving so little or nothing at all. This is why most of them find themselves in financial and credit troubles and some of the celebrities include:
1. Singer Toni Braxton
The "Un-break My Heart" singer Toni Braxton has been struggling with her finances over the years mainly due to illness. Toni’s debts rose as high as $50 million and she ended up filing for bankruptcy protection twice. In addition, the Internal Revenue Service has been on her back because of multiple unpaid taxes.
2. Photographer Annie Leibovitz
Annie Leibovitz's financial difficulties started as a result of poor business mismanagement and poor economic choices all as a result of her. In 2005, the photographer borrowed $24 million then pledged her entire photographic library as collateral for the loan repayment. Luckily she was able to sort her finances and ended up saving her photo collection.
3. Actor Stephen Baldwin
Actor Stephen Baldwin had his home closed making him file for bankruptcy. In 2009, Stephen had financial problems of more than $2 million which included $70,000 in credit card bills. The actor’s financial woes did not end there for he was arrested in December 2012 for income tax evasion. He owed more than $350,000 in state income taxes for the period of 2008, 2009 and 2010. So as to avoid four years in prison, Stephen managed to pay half of that money to the government as his advisers tried to find ways to repay the rest of the money.
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