May 18, 2011
In 2009-2010, the Kansas City Chiefs had the lowest average salary in the league at $1,410,856, according to USA Today. Not a bad chunk of change for your average American worker, especially during a tough financial time, right?
Well, some pro athletes haven't been paying attention when folks tell them to save their money for a rainy day. 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.
"Reason i know, Lender asked me to insure loan," tweeted Coastal's Rich "Big Daddy" Salgado, who also predicted that the NBA lockout "will be worse" when it comes to such loans. "NBA locking out for longer, size of loans will be BIGGER," he tweeted.
You can bet that player who took out the loan is hoping NFL Players Association executive director DeMaurice Smith can get this lockout thing over with quickly.
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