How to deal with casino debts?

For some people, paying off a casino debt seems an impossible task. There is a way to pay off debts, however, for this you will need to use some skills in managing your finances. It is necessary to have a desire to pay off the casino debt. Here below we give some typical useful tips.

Here is the plan how to manage casino debts:

  • Make a decision that you will no longer play and stick to it. You can not pay off the casino debt if you continue to play in the casino games. The process of debt repayment begins with the decision to bring your finances in order and not let them get out of control again.
  • Get rid of your credit card. Pay cash purchases from now on, as credit cards prevent you from getting rid of casino debt. If you can not do without this card, ask a close friend or family member to keep a “just in case” card for you. A person should not give you a card without a real need.
  • Sit down and evaluate your finances, including your spending items other than casino debt. Count the money that comes from your income. If you do not really cover the payments for debts and monthly expenses, you need to cut something. If this is not enough, you should think about finding a second job, at least until the moment when the debts are paid.
  • Create a budget for debt payments and monthly expenses. Do not forget to include there all the essentials for survival. Until your casino debt is paid out, your “Wishlist” fades into the background.
  • Select the highest debt with the highest interest and start paying more than the minimum payment. Pay on the debts in the same manner until they are paid. Go to the next commitment and start paying extra money in this direction. Continue as long as the obligations are not closed.
  • Look for any opportunity to pay more and you will see how the debts are slowly declining. Let it be a tax refund or a bonus, pay any additional income to the debt.

Additional tips:

Get support from reliable friends and family, if you need it. There are also support groups for gambling addicted, to which you can enroll.

Track progress to create motivation. Create a schedule of all your obligations and write down each payment so you can see the decline in the casino debt. Understand that you can not pay off the casino debt for the night, but you can feel the joy of every payment.

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