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In spite of huge paydays, many NFL players have debt issues

Most of us can only dream of the financial windfall that an NFL player receives upon signing a contract to play football. NFL players can earn millions of dollars, yet many end up losing all of their money and even going deep into debt. In fact, A Sports Illustrated report from 2009 revealed that the vast majority of players found themselves in financial stress or even bankrupt after only two years of retirement.

So how could this happen? Well, quite often the players fall victim to the same culprits that drive ordinary people into debt. The Sports Illustrated report cited divorce and joblessness as reasons for the financial strife. But there are other causes as well.

For one thing, NFL players may make a great deal of money, but typically it is only for a very brief period of time. In fact, most players are out of the game well before they are 30 years old, meaning they have reached their peak earning potential at an extremely young age.

And once they retire, they often have health issues, which limit their prospects for other work. And all too often they may take bad financial advice or make ill-advised investments. In other words, NFL players are human, and they can make mistakes or simply have a run of bad luck that leaves them in debt.

Clearly, falling into excessive debt is unfortunate, but it can happen to anyone. And it is not the end of the world, but it does require decisive action to limit the potential damage that can be done to your financial and emotional well-being.

If you are overwhelmed by debt and are wondering what you can do to improve your circumstances, you may want to sit down with an experienced bankruptcy attorney. The attorney can go over your financial situation and advise you on the most effective methods of eradicating your debt.

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