I don't follow pop music that much but from what I can tell that guy is a "do anything for publicity" guy to a certain degree so I wonder if he's really in debt or if it's just to get in the news. If he really is in that much debt then the question is how considering he must make a fortune. I did read a story once about his $750,000 automobile so he has shown at least some ability to piss it away. To each his own but I could have all of Bill Gates', Warren Buffet's and Mark Zuckerberg's money put together and I still wouldn't spend $750,000 on a car.
ETA: Okay, I sort of stand corrected. Although Kanye West does indeed have a $750,000 car, he didn't buy it and instead Kim Kardashian bought it for him.
http://www.tmz.com/2012/06/08/kim-kardashian-kanye-west-lamborghini-birthday-present/