Thanks in large part to an 85 percent interest rate, Curry now must repay over a million dollars on a loan--something he says he can't do. (Pic via capitalistsports.wordpress.com)
Eddy Curry’s NBA career has been filled with lucrative earnings and lackluster results. His latest non-basketball related headline is downright strange.
Based on information originally reported by the New York Daily News, Curry was recently sued by a Las Vegas company after failing to pay back even a single dollar on a $570,000 loan he took out in 2008. Curry obtained the loan in Vegas, which obviously isn’t exactly the best place in the world to borrow money. The loan was was given at 85% interest, meaning Curry now owes Allstar Capital more than one million dollars. And yes, apparently you can take out loans at 85% interest in Vegas–legally.
Curry has responded to the lawsuit by detailing all of the reasons he isn’t able to pay back the loan at this time. Some of the reasons are legit; he has had his wages garnished to help pay of a foreclosure on property in his native Chicago. He has also given away numerous assets to all sorts of people, including luxury cars to friends and relatives alike.
There are noble, yet stupid ways to blow your fortune and then there are just plain stupid ways to waste money.
Here are some of the stupid ways:
-$30,000 a month on so-called “household expenses”–think paper towels, toilet paper, and lots and lots of food.
-$6,000 dollars monthly on a personal chef. Not a bad deal for his personal chef, who is apparently trying to keep Curry happy and unhealthy. Anything to stay employed, right?
-$17,000 he reserves for his dependents. This isn’t a Shawn Kemp/Jason Caffey situation; Curry simply supports a ton of random people.
-$35,000 he is attempting to repay to Juwan Howard, who never played with Curry, is ten years older than Curry, yet for some reason loaned Curry money. There has to be an interesting story behind that.
-$425 owed for monthly satellite service–that doesn’t include internet.
-$650 owed for monthly cable TV service–that probably includes internet.
Sadly, Curry’s defense wasn’t good enough for the courts. He has been ordered to pay back the loan at $75,000 monthly and has had four cars seized.
How much you wanna bet he fails to make his payments?