How to Eliminate Casino Debts

Gambling at a casino can be a really fun treat. It’s when you start to rack up a paralyzing debt that it becomes a nightmare. Eliminating debt under any circumstance has its challenges, but a gambling addiction can make it seem unattainable. By using a few strategies to pay off the debt and addressing the addiction to prevent a recurrence, you’ll have a better chance of getting rid of the debt and avoiding this problem in the future.

Part 1

Part 1 of 3:

Paying off the Debt

1
Make a list of all the money you owe. You’ll want to write down every person, place and company that you owe money to. Organize the list in order from the highest interest rate and balance to the lowest.^{[1]XResearch source}
- It’s recommended that you start with the highest interest to help reduce the amount of money you pay in the long run.^{[2]XResearch source}
If you know that you have a bonus coming in from work or tax return money, use it to pay a lump sum of debt. “Found money” is money that isn’t expected or part of your regular salary, so it hasn’t been budgeted like the rest of your money. Seeing one of your balances go down significantly will help boost your moral as well. ^{[3]XResearch source}
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If you have items like jewelry or electronics that will bring in decent money, consider selling them to help pay off some of your debts. There are lots of ways to sell items online, like eBay and Craigslist. You can also sell your goods to a pawn shop or have a garage sale.^{[4]XResearch source}
Having lots of balances of debt to coordinate can seem overwhelming. Credit cards often have a 0% interest for a set amount of months for balance transfers. Taking out a loan to consolidate debt is another option. Your can also talk to a debt counselor from a nonprofit debt agency to discuss a debt management schedule.^{[5]XResearch source}
Take stock of your spending in other aspects of your life. You’ll most likely be able to find extra funds to help pay down your debt faster. In order to get your finances back on track, you might want to limit take out for a while or do without all of the cable movie channels.^{[6]XResearch source}
Extra income will definitely move things along faster. An added bonus is that it fills your extra time with something productive that will help keep you too busy to think about gambling. Consider seasonal work like retail during the holidays or lawn work during the spring and summer.^{[7]XResearch source}
7
File bankruptcy as a last resort. Sometimes debt becomes unmanageable, even with all of the efforts listed above. If you’ve tried everything and can’t seem to make it work, talk to a bankruptcy attorney to find out your options. You can also contact your local bankruptcy court to see what other resources are available to you as attorneys often require money upfront.
- Filing bankruptcy will cause your credit score to plummet which is something to consider depending on future plans.^{[8]XResearch source}
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Part 2

Part 2 of 3:

Treating the Gambling Addiction

1
Cut off your gambling fund. The best way to quit gambling is to identify the sources of money that fund your gambling and make them harder to get to. If it’s a credit card, get rid of it. If you often withdraw cash from the atm, consider not carrying an debit card and have the bank set up automatic payments for your bills.^{[9]XTrustworthy SourceHelpGuideNonprofit organization dedicated to providing free, evidence-based mental health and wellness resources.Go to source}
- Find someone you trust to be in charge of your finances for a while, and ask the bank to require two signatures for withdrawals.^{[10]XResearch source}
2
Seek professional help to treat the addiction. Gambling addictions are listed as a substance abuse disorder in the Diagnostic and Statistical Manual of Mental Disorders, so your insurance company should cover the treatment.^{[11]XResearch source}
- Gambling addictions can be a sign of underlying mood disorders, like depression and anxiety. Identifying these issues on top of the gambling problem can help you keep the gambling at bay in the future.^{[12]XTrustworthy SourceHelpGuideNonprofit organization dedicated to providing free, evidence-based mental health and wellness resources.Go to source}
3
Create a support system of friends and family. Reach out to family and friends to let them know what is going on. Find someone who can hold you accountable without judgement.
- If you feel like you don’t have anyone to turn to for help, consider reaching out to a colleague or joining a book club or volunteer organization to strengthen your network.^{[13]XTrustworthy SourceHelpGuideNonprofit organization dedicated to providing free, evidence-based mental health and wellness resources.Go to source}
- Be honest and remorseful in your delivery. You’ll be surprised how many people are willing to help if someone seems like they really need it and want it.
You’ll be paired with someone who went through the same thing you are going through now. They will be there to help you gain perspective when things get tough. You can visit http://www.gamblersanonymous.org/ga/locations to find a location of a meeting near you.^{[14]XResearch source}
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Part 3

Part 3 of 3:

Preventing a Recurrence

Try rock climbing or driving go karts if you want a rush. Start an exercise or meditation regimen if you need to manage stress.^{[15]XTrustworthy SourceHelpGuideNonprofit organization dedicated to providing free, evidence-based mental health and wellness resources.Go to source}
The obvious way to eliminate casino debt is to stop going to casinos, but there are other places to stay away from as well. Racetracks, online gaming sites and even sports bars and sporting events can increase the temptation to gamble.^{[16]XResearch source}
Once you have made efforts to remove gambling from your life, address what mood disorder or life events might have led to this problem. See a therapist or join a support group to help you identify these problems and continuously ask for help.^{[17]XTrustworthy SourceHelpGuideNonprofit organization dedicated to providing free, evidence-based mental health and wellness resources.Go to source}
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How can I make sure that I have no debt to a casino?
Donagan
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If you owe money to a casino, they will make sure that you know about it.
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