The Postgame.com discusses how there are now NFL players who are already desparate for money with the lockout and strike just having started. Some financial advisors are working with other financial companies to get them financing at Tony Soprano type rates of around 18-24% rising to around 36% or worse upon default. They are then paying large fees to the advisors who have them sign.
The NFL now has $60,000 available to each player who was active on an NFL roster throughout the past two years to help provide for their players to avoid emergency situations. Some players who failed to discuss their financial needs with their CPAs, attorneys and financial advisors are in a bad situation as a result and now despite regularly being millionaires with no job at the moment some feel they cannot go to regular banks or other normal sources of more reasonable lending and others are taking advantage of the labor problems and lack of planning to them.
As part of proper estate and financial planning it is important to always evaluate likely situations and plan to be prepared in the event they had occur. With this being as foreseeable as it was they should not need emergency lending this soon but brings to mind the phrase that people do not plan to fail but fail to plan.
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