Michael Le Vell reportedly went broke when his finances spiralled out of control after his divorce.
The "Coronation Street" actor - who has played Kevin Webster on the soap since 1983 - was recently declared bankrupt due to legal fees and failing to keep on top of his tax affairs and it has been claimed that he struggled to keep his spending under control following his 2011 split from Janette Beverley.
A source told the Daily Mirror: "She controlled the purse strings so kept him in line.
"Now he's on his own it has all spiralled out of control."
Despite his financial woes, Michael's personal life is going well as in December, he got engaged to girlfriend Louise Gibbons, 42, after she helped him through his battle with alcohol addiction.
Michael - who met Louise in 2014 through a mutual friend - confessed in 2013 he was an alcoholic after he was on trial for child sex abuse offenses. He was found not guilty.
In 2014, the actor announced he had stopped drinking and sought treatment for his addiction.
He signed a new "Coronation Street" contract last year and vowed not to go back to his old ways.
And he is trying not to dwell on his financial issues but is determined to throw himself into his work.
The source added: "He sees this as another life lesson - he is not wallowing in self-pity. Things are on the up, he is loving work and he is not going to let this define him.
"It's a bit of a mystery to his friends how he has found himself in such a pickle, especially as he was suspended on full pay during the trial."