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Easy Credit: Costly Debts

In: The Coming First World Debt Crisis

Author

Listed:
  • Ann Pettifor

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).

Suggested Citation

  • Ann Pettifor, 2006. "Easy Credit: Costly Debts," Palgrave Macmillan Books, in: The Coming First World Debt Crisis, chapter 3, pages 84-107, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-23675-2_4
    DOI: 10.1057/9780230236752_4
    as

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