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Pamela Anderson: Drowning In Debt!

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I stumbled on a news item today that I think illustrates what I was talking about yesterday, when I blogged that money can be a debt magnifier.

From Star Magazine:

“Pamela Anderson used to be the Baywatch babe with the million-dollar body! Now, she owes more than $1.2 million to creditors, including construction companies she stiffed after they remodeled her five-bedroom Malibu Colony home last year! “

The article goes on to talk about how Anderson owes $674,043 to the contractor, as well as $252,360 to California’s Franchise Tax Board in unpaid income tax from 2007. She might even lose her multi-million dollar home.

This just shows that having a lot of money, doesn’t solve your money problems if you don’t know how to manage it in the first place. In this case, being rich and famous was just a fast track to mega debt when Anderson’s poor decisions were amplified by her wealth.

Let this be a reminder that we should get our habits under control before we throw more money into the mix.

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