NFL Players already taking out high risk loans to survive lockout

[SCP]

http://www.businessinsider.com/nfl-players-high-interest-loans-2011-4

http://www.thepostgame.com/features/201104/tpg-exclusive-cash-strapped-nfl-players-seeking-high-risk-lockout-loans

As the NFL lockout enters its second month, players from at least 16 teams have already sought out extremely aggressive short-term loans with high interest rates, ThePostGame.com has learned.

According to a financing source, these interest rates range from 18 percent to 24 percent, and upon default, they can rise as high as 36 percent.

Some of these dudes didn't even last a month.

[Catalyst]

It's a shame people that make that kind of money tend to manage it so poorly. Even the practice squad guys should be making plenty to set some aside, especially since they've known for 2+ years that this lockout was coming.

[SCP]

This is the kind of thing that will put pressure on the NFLPA.

[Zod]

More money = more debt to most of these guys. Hell, give me that much cash when I was in my early 20s and I would be in the same boat.

[SCP]

A million $$'s seems like it will never run out

[Darth Biscuit]

More money = more debt to most of these guys. Hell, give me that much cash when I was in my early 20s and I would be in the same boat.

I woulda spent a lot too, but I had enough sense even then to save... buy some property and pay it off, etc.

[Zod]

You say that, but you were not a single wealthy athlete getting fine punanny thrown at you from every which direction.

I say all of you are full of poo, you would have done the same, as would I.

[bleys]

I would have wasted a good mil or 10 on housing alone..

of course now it would all be invested in some form or fashion. (even if it's drawing 2-4% sitting in a bank)

[Ja Rhule]

You say that, but you were not a single wealthy athlete getting fine punanny thrown at you from every which direction.

I say all of you are full of poo, you would have done the same, as would I.

Ppssssttt... My girlfriend would take that check and I would only get an allowance of $1,000 a month.

[Darth Biscuit]

You say that, but you were not a single wealthy athlete getting fine punanny thrown at you from every which direction.

I say all of you are full of poo, you would have done the same, as would I.

No, I was rather sensible to a fault in my early 20's... what you're describing is what I would do NOW.

[countryboi]

Ppssssttt... My girlfriend would take that check and I would only get an allowance of $1,000 a month.

what the hell is the fun in that?

[Ja Rhule]

what the hell is the fun in that?

My nuts would still be attached to my body.

[sml1950]

Ordinary people call high risk loans to survive...VISA

[SCP]

You say that, but you were not a single wealthy athlete getting fine punanny thrown at you from every which direction.

I say all of you are full of poo, you would have done the same, as would I.

Not necessarily. My granfather bought me savings bonds every year of my life for Christmas. I never understood it and usually went home thinking "WTF grandpa?". Well, my junior year in college I found out WTF when my mom called and said the bonds had matured and I had this large lump sum of cash at my disposal. I could have went on some crazy trip but instead I opened up my first IRA and began investing for retirement. So glad I did that.

Now comparing the lump sum I had to millions is a bit unfair, but I have always been taught to save cash.