Easy Credit: Costly Debts

Ann Pettifor

Chapter 3 in The Coming First World Debt Crisis, 2006, pp 84-107 from Palgrave Macmillan

Abstract: Abstract In April 2006 a story exploded on the sports pages of newspapers around the world. It was alleged that Wayne Rooney, Manchester United’s footballing star, had built up debts of £700,000 ($1.2 million) from gambling. According to the London Times, the young star (18 years old at the time) had started placing these bets by phone or text message with a bookmaker. He was given unusually large credit and allowed to accrue huge losses. ‘I would think twice about giving someone that much credit, no matter who he was’, one established bookmaker is quoted as saying (The Times, 11 April 2006).

Keywords: Interest Rate; Current Account; Credit Card; Hedge Fund; Capital Gain (search for similar items in EconPapers)
Date: 2006
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-23675-2_4

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DOI: 10.1057/9780230236752_4

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