NBA Player’s Massive Debt

NBA player can't pay massive debt: Eddy Curry is having trouble with a huge loan that came with an eye-popping interest rate.
Eddy Curry makes a lot, spends a lot and owes a lot of money: Eddy Curry(notes) made a shade over $10 million this year as a member of the New York Knicks. Normally, I'd have said "playing for the New York Knicks," but that's a bit of an overstatement as Curry saw time in only seven games this season. Somehow, that's an improvement as the big guy appeared in just three contests the previous year. Baby steps, you guys. Despite that enormous salary — and the fact that Curry has made more than $57 million in his nine-year career — the former No. 4 draft pick is seriously in debt. As the Associated Press reports, Curry defaulted on a $575,000 loan with an 85 percent interest rate, which can only happen in Nevada, and has been ordered to pay back $1.2 million to Allstar Capital Inc., the world's most ironic loan service. However, Curry argues that he shouldn't have to pay off that debt, because he's spending too much money in other places. According to reports filed in the suit Curry's outgoing payments include:

• $30,000 a month for "household expenses."
• $17,000 a month to various relatives including his parents, sister and father-in-law.
• More than $1,000 a month for cable and satellite television.
• $207,000 a month in garnished wages that haven't been elaborated upon, but adds up to almost $2.5 million that Eddy Curry never sees over the course of a year.
• $350,000 to Juwan Howard(notes). (What?)

Curry also owns: 12 cars, three of which — a Rolls Royce convertible and two Land Rovers — may be taken by Allstar Capital, though Curry's lawyer says that they have reached "a mutually satisfactory resolution of the matter." Maybe Curry gets one of the Land Rovers and can drive the Rolls to important events? Seems fair to me. Furthermore, Curry is still involved in that creepy sexual harrassment lawsuit from January of last year. Oh, and he's fighting with lawyers who he says mismanaged his money, leading to the foreclosure of his $3.7 million home near Chicago. Not to mention Curry's son's mother was murdered in January of 2009. Saying it's been a rough 16 months for the former Chicago standout is selling things a little short, I'd say. On the bright side, Curry holds a player option of $11.2 million on his contract for next season. Pretty safe bet that he takes the Knicks up on that, even if he never sees a cent of it.