Coastal Advisors, a life and disability insurer that has some pro athletes as clients, reports that one NFL player has just taken out a loan for $500,000 at 23 percent interest.

 

This is so sad if it is true.

How can someone be so financially inept you ask? I suppose there are a ton of reasons, we can each speculate as to why someone would be so desperate or just completely incompetent to sign for a loan like this. Not to mention how a player with an NFL salary could have credit so bad to be worthy of a 23% interest rate. Even the mafia didn't charge such a ridiculous interest rate, I believe they usually capped theirs around 17%. 

I wonder if this type of story will turn into a trend and not just a one time incident. When you add up some of the statistical facts, like how 78% of the players end up bankrupt within two years of retirement, the players haven't got a chance in this fight against the owners. I can only imagine what is in store for the NBA.

http://sports.yahoo.com/nfl/rumors/post/NFL-player-takes-out-500-000-loan-?urn=nfl-355067