Wednesday, April 13, 2011

NFL Players Resorting to Payday Loan Stores in Lockout

We wrote that Dez Bryant is the new face of the National Football League (NFL). In heavy debt after leveraging his first-year salary to pay for the kind of amenities that those who are nigga rich purchase, Bryant owes creditors more than $800,000.

NFL player are using payday loans while being locked out
Payday loan stores, liquor stores, check cashing stores are the primary businesses found in predominately Black areas (in predominately Hispanic areas, family-owned restaurants are found in abundance). Some have argued that these type of businesses prey upon the colored community. Because of poor decisions continually made by Black people, income inequality exists in America.

Even for those, like Dez Bryant - who once had to pay a $54,000 bill that the entire Dallas Cowboy's football team racked up at a steak house as part of rookie hazing - who earn millions and ultimately spend millions more then they make.

Sports Illustrated did a study two years ago that showed:
In a less public way, other athletes from the nation's three biggest and most profitable leagues—the NBA, NFL and Major League Baseball—are suffering from a financial pandemic. Although salaries have risen steadily during the last three decades, reports from a host of sources (athletes, players' associations, agents and financial advisers) indicate that:
• By the time they have been retired for two years, 78% of former NFL players have gone bankrupt or are under financial stress because of joblessness or divorce.
• Within five years of retirement, an estimated 60% of former NBA players are broke.
If the majority of NFL and NBA players didn't have athletic gifts that enabled them to receive contracts that most people could only dream about, one is hard pressed to imagine vocations that their labor and employment could produce such incredible salaries. The NFL is 69 percent Black. The NBA is 80 percent Black.

Here are the average salaries by both teams and by position in the NFL. Could these players not have saved some money for the future, since it was well known that a lockout was almost certain to occur?

Worse, most of these athletes fail to even make a living in their chosen vocation. They go bankrupt upon retirement, or if they are like Dez Bryant, go bankrupt while being employed as a professional athlete. 
Currently the NFL is on lockout and news that many of the players - 1/3 of NFL players live paycheck to paycheck - are having to go to Payday loan (loaded with high interest rates) stores to survive is a sad commentary on the heroes so many people worship in America:
Last month, we reported that players without strong credit ratings or significant collateral could get through the lockout via loans with interest rates as high as 22 percent.

Yahoo! Sports’ reiterates and expands on the concept with a recent item explaining that the interest rates will range from 18 to 24 percent, with rates as high as 36 percent upon default.

“There are a lot of people out there pitching these things,” an unnamed attorney told “It’s almost predatory lending.  It’s people going to guys who they know are already in debt, or don’t have the ability to pay their bills during the year and [lending them money] at such obscene terms, that you say, ‘Hey, no one would ever sign something like this.’  But a lot of players are.”

They are because they need the money to get through the lockout.

“I know at least 16 different teams that have had players go out and have to set these [high risk loans] up,” an unnamed financial advisor told  “Guys on the Dolphins, Saints, 49ers, Panthers, Chargers, Bears, Vikings.”

The financial advisors end up cashing in via the various transactions that the loans will spawn, including fees for setting up the loans, fees for the sales of disability insurance that ensures repayment in the event of injury, and other financial transactions related to and arising from the players’ need for money.

“Sounds like total B.S.,” Cardinals kicker and NFLPA representative Jay Feely told “I think it’s predatory and unjust.  I don’t think they should be charging those interest rates and I would encourage every player [considering high-risk loans] to look elsewhere.  I think if you went to your bank, or outside lending agencies, you’re not going to pay that kind of interest.  That’s absurd.”

The problem is that plenty of players don’t have the collateral or the credit history to justify a conventional loan.  And, as we pointed out last month, the players who have been sufficiently responsible to accumulate collateral and/or strong credit ratings likely have saved enough money to carry them through the lockout.

Credit is a problem for rich Black athlete and normal Black people. What do you think would happen if the NFL check credit scores, like other employers do in the real-world? The E.E.O.C. would probably sue the NFL, as the Obama Administration is threatening to do to employers that check credit scores because Blacks disproportionately have lower ratings.

We call sports -- both college and professional -- the Opiate of America for a reason.

One of the top players in the NFL whined about being a $10 million slave. You have other players whining about downsizing their lives in the lockout. 

Yet you have a lot of players resorting to payday loans stores where they receive loans with massive interest rates to survive. Without sports, what jobs are a lot of these players qualified to do? Comment on sports as an analyst on FOX, CBS or ESPN?

It really is all a joke when you start to think about it.

Moral of the story: Don't spend more than you make. But if you do that, what's the fun of being nigga rich? Right Mr. Bryant?


Anonymous said...

I look forward to the day when professional sports collapses. How long until Joe 6 Pack stops giving a rat's ass?

Anonymous said...

And yet, it is generally middle income whites who are expected to pay for the new arenas and stadiums for our "heroes" to play in.

Det. Rex Banner said...

I would think that this is a prime example of the fact that you can give most black people the world financially as well as socially and in the end, won't amount to shit. If only colleges, public schools and other American institution would get the pictures.

Of course, there are anomalies like Magic Johnson and Michael Jordan who, even then, are propped up by white support. Michael had been propped up by Nike for the longest and Magic's shot at doing his own thing with the theaters in the poor neighborhoods failed miserably as well. Now he owns a few 24-Hour Fitness centers and about a hundred Starbucks franchises because he knows his strongest demographic is whites.

Anonymous said...

Feeding negro people and expecting them to support themselves is like watering sand and expecting St. Augustine to grow.

I was thinking just now that negros are like dogs, but then I remembered that dogs were loyal. How much more evidence does the world need to realize negro people can't govern themselves? Wouldn't the world be a better place if negro people were physically forced to perform useful tasks?

I really wish the UN would just divide the land masses into homogenous racial groupings. They can have the IMF collect all the world's money and distribute it evenly among the new nations. White people, a group that I represent and speak for, will voluntarily take the crappiest land mass. No big deal, we'll survive.

Of course, the world would have to agree to give the negro people the BEST land mass available ... lots of fertile land, plenty of fresh water, gold roads, purple houses, ... everything.

The Engineer

Anonymous said...

My God. What on erf was Taylor saying?? I got maybe 1 out of 5 words! Can you imagine shooting that? Take 8,009! Mr Taylor, the word is "the" Let's try again. Places...and, action!


Anonymous said...

@The Engineer

Don't forget grape soda.


Anonymous said...

I hate sports - I don't mean playing for fun, I mean pro-sports and all the b/s thug-worship that goes with it. The amazing thing is that these overgrown apes negotiate ferociously - through representatives - for outsized contracts, selling themselves to the highest bidder, and after all is said and done they wind up in the gutter anyway.
I have to save up and go without the "necessities" of a middle class lifestyle so I can have financial security. They can't do it on multiple millions of dollars per year? Cry me a river.

missbosslady said...

Det. Rex Banner,

Hah! You beat me to it!

Black athletes are the definitive indictment of all liberal thinking. The young black male that exhibits athletic talent immediately embarks on a life of opportunity heaved at him by the shovel full.

In addition, he is forgiven any transgression, and given leninency, clemency, and forgiveness without asking. The bar for him is placed so low that he merely has to be able to place one foot in front of the other to find himself on a college campus with a full ride. On campus he will be coddled, coaxed and covered for by staff and students.

In the event he moves on to professional sports he is awarded millions.

Within months of retirement he's right back to being a broke ass loser.

Child, please!

We had a lovely story here in Miami a few years ago. Northwestern High School, a high school football powerhouse, was set to play in a big title game that would be nationally televised. The team's star player was the quarterback. In the weeks preceeding the big game it came to light that this fine young man had raped a 14 year old girl in the school bathroom.

Oh, the fretting and hand wringing!

The black administrators of the predominantly black school worried over the player, and predictably the community rallied around him.

And so, in the end the kid played, the victim was ignored and forgotten and no on ever questioned school administration about how their laxity had allowed the incident to occur in the first place and how their savagery allowed them to put this kid on national televsion and treat him like a hero.

The disgustingness of the whole display, from start to finish, was breath taking!

All of the characters in this sadistic play were black. Black school, black neighborhood, black coaches and teachers, black boy, black girl. All, each and every one (with the exception of the victim herself, but who cares about her? Nobody apparently.) were complicit in this crime. Not a one demonstrated an iota of shame. None, zero, nada.

I am sure that the incident and the way it was handled resulted in some very important life lessons, not only for those involved, but for those who witnessed it. Not.

What's worse, is that there is absolutely nothing unique about this story.

I'd love to see the NFL statisitcs for percentage of players that have committed crimes. What do you think? 75-80%? The league's 80% black, right?

Last year Donte Stallworth, NFL wide receiver was visiting our fair city and decided to go to South Beach and get hammered, probably at a strip club. Driving home around 5:00 am he ran over an hispanic man on his way to work. The nice family of the dead hispanic man decided that they rather have a quarter of million dollars for the death of their patriarch, than see Mr. Stallworth punished. Stallworth paid up and after a harsh 4 game suspension imposed by the uber moral NFL he was back on the feild and collecting his multi-million dollar salary. It is believed that the hispanic family blew through the 250k long before the completion of the 4 game suspension.

What's worse, is that there is absolutely nothing unique about this story.

missbosslady said...

Anonymous @ 2:32,

The only part I understood is that both LT and I are fans of Jury Rice.

That's funny right there, I don't care who you are!

Anonymous said...

yea in descending order: this blog, tosh, and random minorities are where about 99% of my laughs come from on a daily basis.

Anonymous said...

What I would like to know, is how the figures looks for NHL. You know, that other big, popular sport filled with athletes with multi-million dollar contracts.

How many of them are broke five years after they've retired?

Anonymous said...

This can be further broken down by position. Wide receiver and defensive backs are probably the quickest to go broke after retirement. I read that O-line are the least likely to be broke. Stands to reason as they are not natural "affleets" and there are complex protection schemes they must master. Oh and they're most likely to be white, just a coincidence I know.


Anonymous said...

this site blows...a bunch of scared pussy gettin white boys who hide behind their computer screens with an opinion that know one cares about....givin a ignorant black man money is just like givin a racist white boy a blog...both equal failures #thatLIFE

Anonymous said...

08:02 AM ET 05.23 | Ray Lewis cites another concern if football is lost for any significant time: idle hands. One of the consequences of a lost NFL season will be an increase in crime, Baltimore Ravens linebacker Ray Lewis said in a wide-raging one-on-one interview with ESPN. "Do this research if we don't have a season -- watch how much evil, which we call crime, watch how much crime picks up, if you take away our game," Lewis told ESPN. ... "Yeah, walk in the streets, the way I walk the streets, and I'm not talking about the people you see all the time." When asked why he thought crime would increase if the NFL doesn't play games this year, Lewis said: "There's nothing else to do."

Read more:

Truly he has the soul of a poet

Anonymous said...

There would seem to be a gold mine of information here for SBPDL to explore...

78% of NFL in financial trouble two years after retirement? What % of NFL is black? What % of financially troubled are? What is average (mean/median) salary of whites? Of blacks? How many years do players last? How is financial trouble on retirement related to total income over all years played?

As for the predatory loans, it would appear that wealthier players seem to have little inclination to help out their teammates with personal loans at more reasonable rates. Which might say something about their personal credit worthiness with their teammates.

Anonymous said...

Re Anonymous: "I hate sports - I don't mean playing for fun, I mean pro-sports and all the b/s thug-worship that goes with it."

Maybe that's because the term (and concept) 'profession sports' is an oxymoron. Its "bread and circuses" entertainment and that's all it is. Some of it (tennis, say) may be upscale, but the big money is in the masses (NFL/NBA/NASCAR, etc). Between EBT cards, Section-8 and the NFL we seem to have "bread and circuses" pretty well covered. Which is to say, "no football means more violence" may well be true.

Consider the (internet) definitions of "sport":

c.1400, "to take pleasure, to amuse oneself," from Anglo-Fr. disport, from O.Fr. desport "pastime, recreation, pleasure," from desporter "to divert, amuse, please, play" (see disport). Sense of "to amuse oneself by active exercise in open air or taking part in some game" is from late 15c. Meaning "to wear" is from 1778.

World English Dictionary
sport (spɔːt)

— n (sometimes qualified by good, bad, etc )
1. an individual or group activity pursued for exercise or pleasure, often involving the testing of physical capabilities and taking the form of a competitive game such as football, tennis, etc
2. such activities considered collectively
3. any particular pastime indulged in for pleasure
4. the pleasure derived from a pastime, esp hunting, shooting, or fishing: we had good sport today
5. playful or good-humoured joking: to say a thing in sport
6. derisive mockery or the object of such mockery: to make sport of someone
7. someone or something that is controlled by external influences: the sport of fate
8. informal a person who reacts cheerfully in the face of adversity, esp a good loser
9. informal a person noted for being scrupulously fair and abiding by the rules of a game
10. informal a person who leads a merry existence, esp a gambler: he's a bit of a sport
11. informal ( Austral ), ( NZ ) a form of address used esp between males
12. biology
a. an animal or plant that differs conspicuously in one or more aspects from other organisms of the same species, usually because of a mutation
b. an anomalous characteristic of such an organism

— vb (often foll by with ) (often foll by away ) (often foll by with )
13. informal ( tr ) to wear or display in an ostentatious or proud manner: she was sporting a new hat
14. ( intr ) to skip about or frolic happily
15. to amuse (oneself), esp in outdoor physical recreation
16. to dally or trifle (with)
17. rare to squander (time or money): sporting one's life away
18. archaic to make fun (of)
19. ( intr ) biology to produce or undergo a mutation