Athletes going broke outchea, Vol #5,283,054 - Adrian Peterson

[Mister B.]

Adrian Peterson is ordered to pay nearly $8.3 million in loan default case

Lions running back Adrian Peterson has made plenty of money.

profootballtalk.nbcsports.com

Detroit Lions running back Adrian Peterson has been ordered by a New York state judge to pay back $8.3 million on a defaulted loan, according to Daniel Kaplan of The Athletic.

The 35-year-old initially took out a $5.2 million loan from DeAngelo Vehicle Services in 2016 with interest rates going as high as 16 percent. He defaulted on the loan twice after pushing back due dates multiple times and reaching settlements.

Peterson is reportedly unable to pay back the loan but has not yet filed for bankruptcy, per Kaplan. The total value owed will add $2,207.12 each day he does not pay, though that number will fall once the judge's ruling is officially filed because of New York law placing a cap on the ongoing interest rate.
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That's just financial lunacy. Perfect example as to why financial courses need to be taught at the HS level and why a refresher course should be given to all professional rookies.

 

[VulcanRaven]

Why did he have to take out loans to begin with? Just plain dumb.

 

[O.G.]

Damn. 2200+ a day interest!!? That's over $792k a year. The mafia would be proud.

 

[Mister B.]

Damn. 2200+ a day interest!!? That's over $792k a year.

It comes out to about $805K/year.

Insanity.

 

[Playmaker88]

Some cats are dumb as a bag of rocks smh

 

[grYmes]

The fuck AP?

 

[The Lonious Monk]

AP been around too long to be making mistakes like that.

 

[itsupthere]

Dang!

Sorry to hear this. I hope dude be alright.

 

[5 Grand]

That's just financial lunacy. Perfect example as to why financial courses need to be taught at the HS level and why a refresher course should be given to all professional rookies.

It's kinda the other way around. That explains why financial literacy courses AREN't taught in high school and why professional athletes are dissuaded from studying finance. The CEOs, owners and industry executives don't want the players to understand finance so they can take advantage of them. And it's not as simple as Black vs White. There's Black football accountants and managers that rip off their players just like the White ones. When you get to a certain income bracket there's no Black and White, just green.

 

[SeaSnake]

Damn. 2200+ a day interest!!? That's over $792k a year. The mafia would be proud.

that’s crazy as fuck. I’d fake my death because wtf

 

[OnlyBuilt4CubanLinx]

It’s really not hard to invest your money he could have bought 2-4 18 wheelers and be set for life