Mariah Carey is facing a financial crisis as her extravagant lifestyle has led her to accumulate $18.6 million in mortgage debt on her Manhattan penthouse, originally purchased for $9 million in 1999. Reports indicate that she spends approximately $1 million a month on luxury items, including designer clothing and extravagant expenses, which has raised concerns about her financial stability despite an estimated net worth of $350 million. The singer's spending habits have reportedly impacted her relationships, including her split from billionaire James Packer, with insiders suggesting her obsession with money played a significant role. Over the years, Carey has refinanced her mortgage multiple times, leading to a total of $18.6 million in loans from JPMorgan Chase and City National Bank. Experts note that her income is cyclical, largely dependent on holiday royalties from her hit song 'All I Want For Christmas Is You,' which may affect her cash flow. Additionally, she has recently sold her Atlanta mansion at a loss, further highlighting her financial struggles.