Big-time athletes must pay up too

It may seem like famous athletes are invincible, that their lives are perfect. They get paid millions of dollars to perform on a grand stage doing the one thing they love. It takes a lot to screw that up. However, some athletes who enjoy living in excess bite off more than they can chew. As is the case with former NBA star Allen Iverson, who, according to the Philadelphia Inquirer, has managed to churn through more than $150 million worth of career earnings. At 36 years old, Iverson is out of the NBA and most recently had been trying to make ends meet playing overseas in Turkey. It's alleged that Iverson owes a Georgia jeweler about $860,000, and his remaining wages will be garnished by court order to pay off the debt. Steven Dietz, CEO of a debt collection service in Dallas, Texas, tells insideARM that collecting debt from athletes can be more difficult compared to the everyday individual, since they have an "entourage of lawyers and advisors surrounding them." "That is why these former athletes think that they are above the law," he adds. Dietz points out that one of his most recent cases involved collecting a past due from an unnamed owner of one of the largest sports franchises.