We’ve told you before that Ed McMahon’s wife is rumored to have racked up a debt of $750,000 in credit card bills, and now Citibank has sued Ed for at least $179,687 in damages as well as attorney’s fees on debt incurred within the past four years.

Pamela McMahon claims she’s been reduced to shopping in the Target bargain bins. She might be spending the couple into the poor house.

Ed told Larry King:

"If you spend more money than you make, you know what happens."

What do you do with a spouse who is spending both of you into bankruptcy? Does anyone have some advice, or suggestions that could help Ed?

Ed McMahon went on the Today Show to once again tell his tale of how he is at risk to lose his multimillion dollar home. There have been some who have come out saying they are willing to help Ed.

There are rumors that Ed’s wife, Pam McMahon, has been spending the couple into the poor house by racking up over $700,000 in credit card (AmEx) bills alone. Pam made a statement saying she has been reduced to shopping in the bargain bins at Target. Uh huh, riiiiight.

Despite Ed’s claim that his money was mismanaged he hasn’t addressed rumors of his wife spending it all, or the fact he got $7.2 million for his current home that is in foreclosure, after suing over a mold problem with the house. Ed is selling the home for $6.25 million. It appears Ed already got more than he paid for the house, so what’s the real problem?

Ed McMahon appeared on Larry King Live Thursday night. He was there to explain how a millionaire could have his house foreclosed on. Ed said:

"I want to speak for the million people in America who now have foreclosure signs on their houses. If you spend more money than you make, you know what happens. A couple of divorces thrown in, a few things like that. It’s embarrassing, to say the least."

Ed’s current wife, Pam McMahon, added:

"Because you’re a celebrity, people think you have more than you have."

The injury, which McMahon says has kept him out of the workplace for 18 months, came in "a fall," and said, adding, "I don’t want to elaborate."

"It’s been tough," Pam said, and adds she is reduced to shopping the bargain bins at Target, "but somehow our marriage is strong." She also noted that her husband’s neck injury has been "a little tough on the sex life, too."

Is there a connection between Ed’s broken neck and sex? Viagra needs to hire him as a spokesman.

The Wall Street Journal reports that Ed McMahon (85) is $644,000 behind on payments on $4.8 million in mortgage loans. Howard Bragman, Ed’s spokesman, says Ed broke his neck 18 months ago, and has been unable to work since.

Ed has been trying to sell the house for 2 years, but with all the trouble Britney Spears has brought to the neighborhood, he has so far been unsuccessful. The current listing price is $6.25 million. Real estate Alex Davis, who has the listing, said:

"When we were trying to sell the house one time, there were about 100 paparazzi there."

The story behind the story is, that Ed had trouble with mold in the house a few years back. He sued and got $7.2 million, which is more than the current selling price. After the mold problem he put the house on the market, and hasn’t been able to sell it, which means it might not be Britney’s fault after all.