*Iconic leader and former wife of the late Nelson Mandela is in some financial trouble.
A South African magistrate ordered Winnie Mandela to sell her possessions, including scores of paintings, sculptures and a silver tea set to pay off her debts, according to recent court documents.
Not really. But now its documented: Debt collectors are more likely to go after black people than their white counterparts.
Think tank Demos and the NAACP Economic Department collaborated to survey moderate-income American households with credit card debt for the study.
Black Americans weren’t any more likely than whites to be late on a payment, the survey found, and they were also no more likely than whites to declare bankruptcy or get evicted. Check out the chart below.
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Georgia woman, Ann Wiley, is $300 million in debt due to a Sun Trust bank error.
*The banks are charging us more and more every day in fees just to hold our money for us.
But as the fees get steeper the services get more shoddy… and downright disastrous.
Georgia native, Ann Wiley, had problems paying a bill online and thought, “Hey, I’d better check my account.”
Well, she discovered that there was more of a deficit in her account than she thought. Courtesy of Sun Trust bank, she was $100 million in debt. But then, it didn’t stop there.
The debt doubled, then tripled over night with hundreds of millions deducted from her checking and savings. Wiley is not even a close friend of Oprah, so the debt was more money than she had ever seen attached to her name.
*It was pretty darn obvious that Rocawear was on its way out when even Jay Z (shown above) stopped wearing the clothes. But some people just have to learn the hard way. Take the Iconix Group for example.
The company purchased Rocawear for $204 million in 2007. Shortly thereafter, business bombed. The urban line once racked up $700 million in annual sales. But like the Dow on Wall Street, Rocawear’s appeal eventually diminished among young consumers, and so did revenue sales.
The company has hit a financial bottom, a new lawsuit claims. A New York City wholesaler is battling Jay-Z’s clothing label over a six-figure debt.
iSource NYC filed suit against Rocawear to recover $450,000 leftover from a $1 million order. Court papers state that iSource manufactured “specially ordered goods [with] the ‘Rocawear’ brand name imprinted on [them],” and shipped them from Pakistan to the Big Apple in April 2012.
The order was fulfilled, but as of last summer the payments dried up. iSource is suing for the outstanding balance plus 9 percent interest.
Rocawear’s struggles have been ongoing as of late — from being exposed for using dog fur to a $500 million sales dip and slicing its staff in half.
Even with contracting Ciara as a spokesmodel, a partnership with Pharrell Williams‘ Billionaire Boys Club and a deal to sell clothing out of Brooklyn’s Barclays Center, the company still hasn’t been able to climb out of debt.
*Allen Iverson isn’t working, but he’s making a nice living – $62,500 a month.
But the former NBA star is living a lifestyle way beyond his means, spending $358,376.66 a month according to an entertainment watchdog website.
TMZ reports that more than $125,000 of his money is going toward paying off several creditors, including his jeweler and mortgages. And his Atlanta home is going to be auctioned off soon.
His spending is more than out of control. He spends $10,000 on clothing each month, along with $5,000 on entertainment and another $5,000 at restaurants.
Iverson made more than $150 million during his NBA career, but at the end of each month, he falls almost $300,000 further into debt.
*Evander Holyfield has 99 problems and his kids are one.
According to recent reports, the former heavyweight champion is neck deep in child support debt, amounting to more than $500,000.
TMZ first reported that the legend owed $372,097.40 in back child support for his 18-year-old daughter, Emani Holyfield.
But he was recently held in contempt of court for failing to pay $563,900.91. He was ordered to pay $2,950 a month to clear the incredible debt. He cut a check for $17,700 to help a little.
He now owes 546,200.91.
The battle has just begun.