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Even celebrities are impacted by market fluctuations

The effects of the most recent economic recession were far reaching. People from every corner of the country and walk of life were impacted by downturns in the financial and real estate markets.

A recent report shows that even celebrities were touched by the recession. Tori Spelling and her husband Dean McDermott have run into serious financial trouble, and may have to consider their options for debt relief. Spelling, whose father created the popular series "Beverly Hills, 90210," became known as a socialite as a young woman and later starred in a reality show with her husband and children. In a recent interview, Spelling disclosed that she and her husband have run into trouble, largely as the result of real estate investments that went south.

Spelling provided the example of a house that she and her husband purchased. They invested a significant share of money in improving the property, but ended up selling it at a loss. Unfortunately, the same thing happened to many others during the recession. After purchasing a home, many people soon found that they owed more than the house was worth when the real estate market collapsed.

In addition to real estate issues, the celebrity couple is currently without a regular television project. This means that they don't have the kind of income they were used to while they were the stars of a reality show. As such, the couple has had to cut back on personal expenses, just like others who have faced income constraints over the last several years.

Although Spelling and McDermott are working through their financial issues, personal bankruptcy might become a consideration at some point. When dealing with debt, it may be helpful to keep all options on the table.

Source: UPI, "Tori Spelling says she and Dean McDermott have money problems," Kate Stanton, Oct. 24, 2013

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