Even Celebrities Get In Over Their Heads
You think your credit card debt is bad?
Try juggling $750,000 in credit card balances, which is what Ed McMahon (of The Tonight Show fame) is reported to be dealing with.
It’s easy to think it’s all relative - he’s got lots more money, so it’s natural he’s dealing with more debt. The percentages all wash out in the end.
Well, assume for a moment that your home is worth $500,000, which is roughly 10% of what Ed McMahon’s home is reported to be worth. If you were carrying the same amount of credit card debt relative to your home’s value, you would have $75,000 in outstanding balances.
Puts it into perspective, doesn’t it?
I hope that the McMahons get their finances sorted out and get back on their feet, which I’m pretty sure they will. Ed’s still got a pretty recognizable face.
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