Thanks to those bums in Illinois, California is no longer the state with the worst credit rating in the nation—a position we have held since 2009. Moody's Investors Service penalized Illinois with an A2 rating, which is even worse than our A1. more ›

Since his death, Michael Jackson has earned an astounding $310 million. Unfortunately, the King of Pop was also the King of Debt as the 50-year-old megastar died more than $400 million in the hole. According to Long Beach Press-Telegram, "Michael Jackson's lavish spending habits still haunt his legacy and have required lawyers to create new deals and restructure old debts, court records show," including his interests in a music catalog featuring works by The Beatles and other top artists. more ›

With upwards of $500 million in unpaid bills owed the city, city council took steps Monday to create a "collection sheriff," to deal with the debt, reports the Daily News. The Committee on Revenue Enhancement confirmed those estimates from separate audits, and suggests an outside consultant could help city agencies improve collections methods. more ›

At a meeting of the L.A. City Council Budget panel on Monday, Councilman Bill Rosendahl enquired about the reality of ever seeing the $72 million in taxes owed from the city's top debtor, Prestige Parking. What he heard back was not ideal. more ›

More details are coming out about Ervin Lupoe, who is suspected of killing himself after shooting his five children and wife at their Wilmington neighborhood home. He was at least one month behind in mortgage payments, owed the IRS $15,000 and had thousands of dollars out on credit, reports the Associated Press. more ›

RIght NOW on CNN (11a PST), you can check out a condensed version of the hit documentary I.O.U.S.A., about the growing national debt crisis that we all face. In these tough economic times, one way to stay on top is to stay informed, and I.O.U.S.A. is a great way to do just that. more ›