Rap Star Nelly Being Sued By American Express

Although Nelly has not had an album go platinum since 2004, he has remained relevant on the music scene in recent years. He even had his single "Just A Dream" ranked in the top five on the charts just last year. However, it would seem that things have not been going so hot for the 37-year-old rapper as he is currently being slapped with a lawsuit from American Express over some $20,000-worth of unpaid credit card debts.

The suit was filed with a Missouri court back in October against Cornell Iral Haynes, Jr., which is Nelly`s given name.

Perhaps Nelly`s most widely-recognized hit is the song "Hot in Herre," released in 2002 on his album "Nellyville," which gave him his first number 1 hit on the United States Billboard Hot 100 singles chart.

AMEX is seeking payment for a $20,403.64 credit card debt which they claim has been unpaid by the rapper. The credit card company is also asking for an additional $3,000 to cover attorney`s fees. A hearing is scheduled in the courts for January 9.

A man going by the moniker of "Slim" and claiming to be the star`s ex-manager has been making public statements as to the condition of Nelly`s finances and other personal matters, claiming that the rapper is taking steroids, has sacrificed most of his earnings to a gambling problem and is about to lose his home as a result of mounting debts. Nelly denies all of Slim`s allegations. Additionally, his real manager denies the fact that Slim was ever in that role.

For anyone finding themself drowning in debt, experts advise contacting creditors immediately - especially before falling behind on any payments. Simply ignoring one`s bills could ultimately lead to a lawsuit, as it did in Nelly’s situation. Many credit card companies will work with struggling borrowers to establish a temporary hardship repayment plan until they are able to get on their feet.

Bryant Park

Bryant Park is a financial consultant for one of the companies listed on Wall Street. He writes on a variety of topics ranging from credit cards to different loans that can be availed by consumers. He holds a bachelor degree in Financial Services from Dartmouth College.