Athletes having money problems is not new. Countless formers athletes find their earning power going down like a rock when they retire. However sometimes athletes have money problems even when they haven’t retire.
That is also not new so when I read that NBA player Eddy Curry is US$1.2 million in debt, I wasn’t that surprised. I mean the man live in a US$4.5 million mansion and has huge expenses (a US$6,000-a-month personal chef?), so of course he is in debt.
To be fair, Curry seems financially capable of paying the debts but is fighting in court as he says he should not be paying as his finances were mismanaged by his former accountant, Lamont Carter. At first I thought this was a case of him trying to run from his debts but on closer inspection, Curry got a case.
In 2008, Mr. Curry went to Allstar Capital to take out a personal loan for US$580,000…at an interest rate of 85%. Yes, at whopping 85% interest! How the hell is that legal? Loan sharks in Singapore do not charge that rate but that's legal in America?
Not only that, but what kind of an accountant allows his client to take a loan with an 85% interest? Curry claims that Lamont Carter handled all his money up until 2008, when he fired Carter once he realized he was in financial ruin. Curry is now suing Carter but I am still amazed it is legal for Allstar Capital to charge an interest rate of 85%!
85%! And it’s legal! Wow, loan sharks in Singapore are looking at that number in envy.
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