It was reported this morning by The Daily for the iPad that several NFL players are taking out high-risk, high-interest loans. Some of the loans are as high as 30% interest and for well over $100,000. In other words, if you borrow this type of money the payback figure will be $130,000. Wow!
Does this news mean the union or lack there of will crack? Players’ irresponsibility may end up being the downfall of the NFLPA. While there’s a fund set up for players to pay for insurance, there’s no additional money for personal items. While I’m not going to take a swipe at players for spending money foolishly, these loans beg to ask the question about how much agents and the NFLPA educates players about financial responsibility.
My wife and I live comfortably with our two children. We can buy plenty of things and put ourselves in debt, but we choose not to do it. Are we smarter than many of the players, well considering we don’t take loans at 30%. Why can’t the NFL players use even an ounce of common sense?
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