NFL Lockout Makes some Players seek “Payday Loans”

Payday loans are usually associated with low income wage earners. They seek out these loans as a bridge between one paycheck to another. These loans usually carry high interest rates. The NFL lockout has created a need for this kind of loan for cash-strapped players. Some would ask how did these high income players get in this situation? The simple answer is some of them live from one big paycheck to the next and with the lockout the checks aren’t coming but the bigs ar still coming. it is sad to see players securing thes high risk loans when they have only been locked out for one month. “A spokesperson for the NFLPA declined comment on the high-risk loans players are securing. But at a time when the players are engaged in a financial war of attrition with the owners, the fact that players are already in need of funding — after only one month of lockout negotiations — appears troubling. And the longer the lockout drags on, the greater the percentage of players who will aggressively seek out needed revenue. And that aggressive pursuit could eventually have long-term consequences. “What’s going to happen here, and it’s going to happen to a lot of people, is these guys who are getting loans aren’t going to have the means to pay them back,” the financial adviser said. “They’re going to lose their homes. Their credit is going to be shot.” “It’s unfortunate and not the way it should be, but it is the situation we find ourselves in.” Are you surprised that NFL players are this cash strapped? Tell me what you think.

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  • Shane Curran  On April 14, 2011 at 1:33 pm

    I heard an estimate that as many as 50% of NFL players will have to take out a loan if the lockout lasts until August.

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