NFL Players And Their Credit Card Debts
I looked over an article that was in Sports Illustrated a while back with some awesome statistics; Within 2 years, 78% of NFL players are either broke or going through serious financial difficulty. This article points to the fact that the starting salary of even the lowest paid National football league players is $310,000 but in the second year it jumps to $460,000. With this kind of income it puts theses NFL players in the top 1% of all of the income brackets in America. And so how does it happen?
Among the very first things that most players do right when they sign a good contract is to go out and acquire a new house. They usually pay for the entire thing in full. While this looks like a good idea. They are essentially investing a vital amount of their sign on bonus. Most advisors of these players suggest that they alternatively put there homes on a 30 year mortgage as an alternative to buying them all at once. The reason behind this is that unlike most of us, NFL players careers are only 3 years long normally. Players will be needing to make their cash last longer while they are playing for the reason that they really do not have the typical 30 year career.
When you’ve watched some episodes of MTV’s “Cribs” you can see how they spend all of their money not only on their home, but likewise their cars. Everyone understands that a car falls off in value 25% as soon as you drive it off of the lot. Consequently it ought to be not surprising that these players are loosing money on their new cars very easily.
This hit home with me professionally because my favorite quarter back growing up was Bernie Kosar. He had to file for bankruptcy protection last year saying that he owed over 40 million more than he was worth. Lots of this includes credit card debt. Some other NFL star have also submitted for bankruptcy protection for instance Andre Rison and Lawrence Taylor.
It is not often the actual players that run up the debt though. The Colt’s superstar wide receiver Reggie Wayne lately had a mistress named Natasha McKenzie. They ended up messing around for a while. Reggie’s wife discovered about it after catching wind of her running up a $93,000 credit card debt. You would like some debt relief? Check out Indiana debt relief, virginia debt relief and michigan debt relief and know how to eliminate credit card debt. Don’t give your mistress your credit card number!
