NFL Players And Their Credit Card Debts
In Credit Repair of CreditGuru (September 2, 2010 7:12 am)
I looked over an article that was in Sports Illustrated a while back with some amazing statistics; Within two years, 78% of NFL players are either on the rocks or dealing with extreme financial difficulty. This article points to the reality that the starting salary of even the lowest paid Nfl players is $310,000 but in the second year it jumps to $460,000. With this type of income it puts theses NFL players in the top 1% of all of the income brackets in the U.S. Now how does it happen?
Among the first things that many players do right when they sign a good contract is to go out and buy a whole new house. They typically pay for the whole thing in full. Even if this sounds like a great idea. They are essentially investing an important amount of their sign on bonus. Most analysts of these players recommend that they rather put there homes on a 30 year mortgage rather than purchasing them all at one time. The cause of this is that unlike the majority of us, NFL players careers are only 3 years long typically. Players will likely need to make their cash go longer even while they’re playing for the reason that they do not have the typical 30 year career.
In case you’ve watched some episodes of MTV’s “Cribs” you can see how they spend all of their money not only on their house, but likewise their cars. Everyone is aware that a car goes down in value 25% once you drive it off of the lot. So it needs to be not surprising that these players are loosing money on their new cars very swiftly.
This hit home with me personally because my favorite quarter back since I was young was Bernie Kosar. He had to file for bankruptcy protection last year declaring that he owed over 40 million more than he was worth. Loads of this contains credit card debt. Various other NFL star have also filed for bankruptcy protection for instance Andre Rison and Lawrence Taylor.
It isn’t often the actual players that run up the debt though. The Colt’s superstar wide receiver Reggie Wayne recently had a mistress known as Natasha McKenzie. They were definitely 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 really want some debt relief? Check out Indiana debt relief, virginia debt relief and michigan debt relief and know how to eliminate credit card debt. Never give your mistress your credit card number!
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