Stephen Baldwin: Another Celeb Debt Casualty

The actor has racked up millions in debt, despite his reality television success.

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Stephen Baldwin, star of I'm a Celebrity, Get Me Out of Here and Celebrity Apprentice, has become the latest celebrity to fall victim to the dreaded bankruptcy curse, which affects a disproportionate number of famous people. He filed for bankruptcy earlier this week and has over $2 million in debt. (Loyal watchers may have clued in to his financial troubles when he balked at a pricey hotel bill on Celebrity Apprentice.)

What is it about celebs and their money troubles? They earn more than the rest of us, so why can't they stay in control of their cash? One challenge they face is an unpredictable income. Since big stars tend to make a lot of money one year and then less the next, it can be harder for them to create a slow-and-steady spending plan. They also tend to get asked for help much more than the rest of us: Since friends and family see them as rich, they often ask for handouts. Charities also approach them.

Still, those are hardly legitimate excuses. Celebrities are just like the rest of us—they need to avoid debt, live within their means, and learn to say no to themselves and others. 

For more, read:

  • How to Go Broke Like a Rock Star
  • Managing Michael Phelps's Gold
  • A Financial Makeover for Britney Spears