NFL Players And Their Credit Card Debts

I looked over an article that was in Sports Illustrated a while back with some incredible statistics; Within two years, 78% of NFL players are either bankrupt or facing serious economic difficulty. This article points to the reality that the starting salary of even the lowest paid American football players is $310,000 yet in the second year it jumps to $460,000. With this sort of income it puts theses NFL players in the top 1% of all of the income brackets in America.  So how does it happen?

One of the first things that nearly all players do right when they sign a good contract is to head out and get a brand new house. They usually pay for the whole thing in full. Even though this looks like a great idea. They are essentially spending a vital amount of their sign on bonus. Most advisors of these players advise that they instead put there homes on a 30 year mortgage instead of getting them all at once. The cause of this is that not like most of us, NFL players careers are only three years long normally. Players will likely need to make their cash stay longer even while they’re playing for the reason that they dont have the typical 30 year career.

In the event that you have watched any episodes of MTVs Cribs you can see how they spend all of their money not only on their property, but likewise their cars. Every person is aware that a car decreases in value 25% the moment you drive it off of the lot. Therefore it should be not surprising that these players are loosing money on their new cars very quickly.

This hit home with me personally since 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. A lot of this contains credit card debt. Other NFL star have also submitted for bankruptcy protection for instance Andre Rison and Lawrence Taylor.

It isnt always the actual players that run up the debt though. The Colts superstar wide receiver Reggie Wayne lately had a mistress known as Natasha McKenzie. They had been messing around for a while. Reggies wife found out 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. Dont give your mistress your credit card number!