NFL Players And Their Credit Card Debts
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I read an article that was in Sports Illustrated a while back with some amazing statistics; Within two years, 78% of NFL players are either bankrupt or facing severe financial hardship. This article points to the fact 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 kind of income it puts theses NFL players in the top 1% of all of the income brackets in the united states. So how does it happen?
Among the very first things that the majority of players do right when they sign a good contract is to head out and purchase a brand new house. They usually pay for the entire thing in full. Although this seems like a great idea. They are really investing an important amount of their sign on bonus. Most experts of these players recommend that they rather put there homes on a 30 year mortgage rather than purchasing them all at one time. The reason behind this is that not like the majority of us, NFL players careers are only 3 years long normally. Players will be needing to make their cash go longer even while they're playing simply because they do not have the typical 30 year career.
In the event that you have watched whatever episodes of MTV's "Cribs" you can see how they invest all of their money not only on their home, however likewise their cars. Everybody understands that a car decreases in value 25% the moment you drive it off of the lot. Therefore it ought to be not surprising that these players are loosing money on their new cars very swiftly.
This hit home with me individually 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. A lot of this consists of credit card debt. Some other NFL star have also submitted for bankruptcy protection like Andre Rison and Lawrence Taylor.
It is certainly not often the actual players that run up the debt though. The Colt's superstar wide receiver Reggie Wayne not too long ago had a mistress known as Natasha McKenzie. They were definitely messing around for a while. Reggie's wife heard 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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