Michael Vick Still Owes Millions Of Dollars To Creditors

Michael Vick has played his way into a huge payday once the season is over, but right now he is living on a minuscule budget thanks to $12 million he owes to creditors.

ESPN’s Lester Munson has the breakdown of his finances.

Vick has earned $4.1 million since signing with the Philadelphia Eagles, but he hasn’t seen most of that money.  That’s because right now two-thirds of every dollar Vick earns goes towards creditors and taxes.

The rest of Vick’s income is strictly budgeted; he can spend $4,250 a month on rent and utilities, $472 a month on car payments, $2,500 a month to his mother, and $1,355 a month for private school for two of his children.

Vick’s debt isn’t going to disappear anytime soon, and depending on how much he makes on his next deal, it could increase. Vick must pay 25% of his salary to creditors if its under $2.5 million, but if (or maybe when) his deal reaches $10 million a year or more, 40% of that must go to the creditors. 

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