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Players taking out ridiculously huge loans

Posted on: May 18, 2011 11:31 am
 
Posted by Josh Katzowitz

More (scary) news about how the lockout is affecting those players who didn’t think to save their money when they had the chance.

This news comes from the Twitter account of Rich “Big Daddy’ Salgado of Coastal Advisors, an insurance consultant company that counts NFL players (and other pro athletes) as part of its clientele.

NFL Labor
On Tuesday, Salgado tweeted that he knew of an NFL player who just took out a $500,000 loan with an astronomical interest rate of 23 percent.

We’ve posted stories like this before, but a loan of a half million dollars with such a huge interest rate might tell you a tale of where some players’ financials currently are situated.*

*In the toilet.

The biggest problem with this: many players wouldn’t be getting paid much at this point anyway. It’s still the offseason, and though some players receive workout and roster bonuses, it’s not like players receive the bulk of their money at this point of the year.

Which means, once September rolls around and players still aren’t cashing checks (during a time in which they normally are), there might be some real trouble out there.

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Category: NFL
Comments

Since: Dec 2, 2011
Posted on: January 8, 2012 9:06 am
 

Players taking out ridiculously huge loans

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fghdfre
Since: Dec 2, 2011
Posted on: January 2, 2012 8:04 pm
This comment has been removed.

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hgtrerte
Since: Dec 2, 2011
Posted on: December 3, 2011 1:37 am
This comment has been removed.

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tomlye
Since: Nov 28, 2011
Posted on: November 30, 2011 8:44 pm
This comment has been removed.

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Since: May 29, 2011
Posted on: May 29, 2011 2:55 am
 

Players taking out ridiculously huge loans

BTW what zone are you in - the outer limits?  The players have no one to blame but themselves.  If they want to receive their 30,000/month paychecks then they can put an end to this any time and accept the owners terms.  And you think that the players deserve more?  Do you own a luxury skybox, because most of us can't afford the $120 a game tickets just for halfway decent seats?  Tell you what, why don't you start with your pledge...



Since: May 29, 2011
Posted on: May 29, 2011 2:53 am
 

NFL Lockout

We really need to end this lockout. We can't play without players. People want to watch the 2011 NFL season.



Since: May 29, 2011
Posted on: May 29, 2011 2:50 am
 

Players taking out ridiculously huge loans

How do you have NFL without players, it's not NFL that way.



Since: Sep 16, 2010
Posted on: May 19, 2011 12:31 pm
 

Players taking out ridiculously huge loans

You got to be kidding me.  Are you serious?  What a clueless, out of touch person with reality.



Since: Sep 28, 2006
Posted on: May 19, 2011 12:28 pm
 

Players taking out ridiculously huge loans

Oh no everyone, 32Zone actually believes that stuff.  You must not have seen any other posts from Zone if you do not know yet.

32Zone has to be related to and/or living off the coat tails of an NFL player to actually post the nonsense that is posted.




Since: Oct 6, 2010
Posted on: May 19, 2011 11:56 am
 

Players taking out ridiculously huge loans

Are we really supposed to care if they are taking high interest loans?  I could care less, welcome to reality boys.  Next time you should save a little bit of your mulit million dollar paycheck for a rainy day.


The views expressed in this blog are solely those of the author and do not reflect the views of CBS Sports or CBSSports.com