Just when you thought she was down and out, Mary J. Blige is fighting for her financial redemption. The singer is millions of dollar in debt, but she has a team of people who are working to make things better in the life of this living legend.
Mary J. Blige’s foundation, according to TMZ, was recently able to convince a bank to reduce the group’s debt by roughly $200,000. TD Bank is allowing the organization to get away with repaying them just $125,000 out of the original $322,000 that was owed to them.
The Mary J. Blige and Steve Stoute Foundation for the Advancement of Women Now has been sued by the bank for defaulting on a loan of $250,000. They also received some bad publicity when students complained that scholarships they’d won from the organization had not been delivered.
The group is being told to pay $15,000 right away and then $9,166 per month. The only question is: Why did this charity need to take out a quarter-million dollar loan in the first place? Also, what’s going on in the life of Mary J. Blige? A singer of this caliber shouldn’t have financial problems like this. We hope that everything is OK.
As a side note to anyone else who might be deep in debt, if you owe money to a bank or creditor, don’t presume that you have to pay the entire amount. Most banks will take a deep discount on the money owed if you get on the phone and negotiate. Also, the older the debt, the more of a discount the bank will typically take. You should try to avoid deep debt in general, but if you find yourself in the hole, don’t give up. You can still make a financial comeback.