Oklahoma Sooners star Adrian Peterson was chosen by Minnesota seventh overall in the 2007 NFL Draft. He quickly rose to be one of the hottest young tailbacks in the league. After bouncing around in 2017, Peterson was picked up by the Washington Redskins netting the RB just over $5 million in salary and bonuses.
His statistics are so impressive many believe he’s a shoo-in for induction into the National Football League’s Hall of Fame.
While Peterson is made a pretty penny playing professionally, he’s also one of the most fined players in the NFL surpassing the $2 million mark in 2018.
Suspended from playing in connection to child abuse charges in 2014, Peterson would take the matter to court only to later lose to the league after a two-year battle. He missed six games during the suspension and was forced to pay the fine by a judge.
Adrian Peterson fumbling financially
Players struggling off the field is nothing new in the NFL. Adrian Peterson is certainly no stranger to being in the spotlight when it comes to his personal life.
Recent NBC Sports headlines revealed the star running back is in more financial hot water. This isn’t the first time we’ve seen Peterson floundering financially.
NBC shared details from a report released by the Baltimore Business Journal revealing a Maryland judge ordered Peterson to pay $2.4 million after defaulting on a loan from the Democracy Capital Corporation, a lending service based in Bethesda.
According to its website, Democracy Capital Corp regularly lends to professional athletes, who are in need of “transitional financing,” but Peterson’s account balance is turning in the wrong direction.
The loan in question was for $4 million. It was taken out by Peterson in April of 2016 just prior to his last season playing for Minnesota. He missed the first $200,000 payment in July of 2017 which hiked his interest rate up from 15 to 23 percent. Peterson went on to default on the loan when it reached maturity in February of 2018.
The same year Peterson borrowed from the Maryland institution, the player also took out another loan for the same amount a month later from another lender.
Similar to his other botched borrowing record, he missed a payment five months later which would lead to another court case. This time it would be a Minnesota court that ordered the player to pay around $600,000 towards the balance.
Income over debt
On paper, Peterson seems like a good credit risk considering he earned $94 million playing for the Minnesota Vikings for a decade. In 2017, he made another $3.5 million wearing jerseys for the Arizona Cardinals and New Orleans Saints respectively. His net worth is estimated to be in the $40 million range with a $1 million annual salary, but he doesn’t seem to have the ability to budget his money wisely.
For someone accustomed to being coached for the majority of his life, Adrian Peterson would likely benefit from contacting a professional financial advisor. They could assist him with his lack of money management skills.
While his prowess on the playing field is clear, he’d be better off keeping his name out of the press by paying his bills on time and keeping his credit record in check.