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Showing posts with label debt repayment. Show all posts
Showing posts with label debt repayment. Show all posts

Oct 18, 2015

Glory, Repentance, and Honor: Michael Vick's Untold Story



Almost every football fan knows NFL Quarterback Michael Vick. He has previously played for the Atlanta Falcons, Philadelphia Eagles, and New York Jets and currently for the Pittsburgh Steelers.
Bound for glory, Vick left Virginia Tech in his sophomore year. He was drafted first overall by the Falcons in the 2001 NFL Draft, the first African-American quarterback ever taken in that position. He had made it t the big time and the future looked great.

Life changed drastically for Vick in July 2007 when  he and three others were charged by federal authorities on felony charges of operating an unlawful interstate dog fighting venture.  After his conviction, he spent 548 days in jail, mopping floors for 12 cents an hour at Leavenworth prison. He owed creditors $18 million but refused to file for Chapter 7 bankruptcy and have his debt forgiven. Instead, he chose Chapter 11 bankruptcy and has worked to pay back what he owed, including $6.5 million to the Falcons for a 2004 signing bonus.


Since returning to the NFL, Vick earned over $45 million over the past 5 years. He lives on a restrictive budget of $300,000 per year. 50% of his earnings have gone to pay down his $18 million debt which includes taxes and legal fees. Less than seven years after being released from prison, he has paid 85% of what he owes and is close to retiring all of the $18 million debt.

No matter what he does, there are some who will never forgive Michael Vick, but the most important thing is how a man feels about himself. He expressed his gratitude through ESPN for the support he has received and the opportunities he's been given. Judge for yourself, but Vick has paid for his lack of judgement and repented for his "sins". His financial decisions have proven his inner integrity and attempts to make amends. The bible cautions us..."let he who is without sin cast the first stone". Personally, I'll send up a prayer for his success in his future endeavors.

Aug 21, 2014

Erasing Your Debt: Do's amd Don'ts





Some folks are trying to keep it a secret that the economy is improving. Polls say Americans are uncertain about their financial future. The data shows that Americans are racking up more debt in spite of their so called "uncertainty".

NerdWallet.com reports that our collective total debt is $11.74 trillion, up 5% from last year. the average debt for credit cards is $15,480, mortgage debt is $156,474. and student loans is $33,474 for Americans.

Experts say people make rookie mistakes when trying to rid themselves of debt. Here are some of the major no-nos: Taking out a pay day loan or title loan; transferring a balance to a new zero interest credit card, but failing to pay off the balance when the higher interest rates kick in; borrowing from a 401 (k) retirement account, especially if it involves paying a penalty. Putting creditors on a rotation, that is paying one creditor while making no payments on other debts is another bad idea. These methods seem to be a recipe for disaster. Debt settlement and bankruptcy should only be considered when you've run out of other options.

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