How can I pay off $18,700 in debt on a $53K salary?

R

rickcannypaul

New Member
I REALLY need a clear plan.

I'm 44 with 20 years in the legal field. I'm paid twice monthly, but my expenses and personal loans are overwhelming. I need the BEST way to tackle these debts and get myself out of this hole. I already work a second job, but it's still not enough. This debt is my own making, and I take full responsibility. I want t o pay it off. I need a solid strategy to manage this and have money left over until my next paycheck.

1st job: $2,198.40 before taxes per pay period ($52,761.60 annual)
2nd job: ~$400.00 per pay period (varies, can be higher)

Expenses:
Cable & cell phones: $250.00
Power: $170.00
Water: $60.00
Gas: $50.00

Debt:
IRS: $4,000.00
Law firm: $6,000.00
Personal loans: $3,500.00
Credit cards: $5,200.00 (maxed out)
Car insurance: $445.00

How do I tackle these debts with my current income? How do I get out of this BIG mess?
 
I discovered the free app Debt Payoff Planner. Simply enter your details, and it calculates the payoff date for each debt while keeping you on track after paying one off.
 
Lower all your bills first. Cut unnecessary spending like cable and subscriptions. Get the cheapest cell phone plan available. If you’re still paying off your phone, pay it off this will greatly reduce your bill. Shop around for car insurance; you can likely find a lower rate. Review your spending from the past three months and create a budget.
 
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