The former Smiths frontman said, on top of his poor health, the bills meant he was unable to get insurance to continue performing on the dates.
He cancelled the tour a few days ago following a number of health problems led to him being admitted to hospital, after many shows had already been dropped or postponed.
Morrissey, 53, spoke about how he has been warned about the risks to his health of continuing to perform, and how he now believes he has hopefully been "saved from death", during an interview with a Mexican radio station.
The star has been fighting ill health for a number of weeks after being diagnosed with a bleeding ulcer and a condition called Barrett's oesophagus, which can in some rare cases, lead to cancer. His depleted defences were then battered by pneumonia.