Teresa Giudice – Does the Real Housewives of New Jersey Star Owe Millions?

Filed in Gather Life & Style Essential by on June 5, 2010 0 Comments

“Real Housewives of New Jersey” star Teresa Giudice and her husband Joe owe close $11 million, reports the New York Post. Bankruptcy court records revealed the couple’s astronomical debts.

The Post says that paperwork filed in a Newark federal court shows that their household makes less than $80,000 a year and they’re unable to handle their expenses. Apparently Teresa has a spending problem too.

Her reported addiction to designer clothes and jewelry is the likely cause for the nearly $20,000 owed by the couple on credit cards for Bloomingdale’s, Nordstrom and Neiman Marcus. In total, the Giudices owe at least $104,000 on their credit cards alone.

Court documents also state that their $1.8 million home in Towaco, New Jersey is about to be foreclosed on by the bank. Banks have also taken two of their other homes – one on the Jersey Shore and another in Lincoln Park, New Jersey.

Other debts include $12,000 to a fertility clinic, payments on their Escalade, and $5 million owed by Joe personally to former business partners.

This is sad and scary. And it’s a terrible (or perfect!) example of people in this country who live beyond their means. I’m sure Teresa and her husband are passing these ridiculous consumer habits along to their spoiled children too.

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