NFL players make a nice living and many incur sudden wealth that they are not used to before playing in the NFL. Many have gotten jaw-dropping contracts after a few years of success at their particular position.
All is not good though if you don't know how to manage your money. There are many players who are currently suffering from debt consolidation resulting in bankruptcies. Some examples of these were Dermontti Dawson of the Pittsburgh Steelers and back-up quarterback of New York Jets Mark Brunell who are now in court for bankruptcy.
According to most reports, players who are currently trying to consolidate debt are in this position becuase of bad choices in investments, uncontrolled spending, and being victimized by financial advisers who have predatory motives.
Some of these financially ruined players also made wrong choices on where to invest due to the influences brought about by their friends. Most of these players also suffered misguidance from their family who failed to handle their income in behalf of them.
This situation has also alarmed NFL management which led to the league’s employment of experts who would help financially ruined players improve their finances and as much as possible avoid debt consolidation.
As a result, the NFL worked with the Sudden Money Institute to help fix the financial mismanagement among players. This group is headed by its founder and certified financial planner Susan Bradley. Its main goal as of the moment is to trace the common causes of debt consolidation among players.
According to Bradley, most of these players had been pressured to live luxuriously and spent a lot of their incomes on expensive things. Bradley also pointed out that these players’ lack of sufficient free time prevents them from handling their expenses personally.
Tags: bankruptcy, NFL, debt consolidation, debt
