How to Eliminate Casino Debts
Make a decision that you will no longer gamble, and mean it., Get rid of your credit cards., Sit down and evaluate your finances, including all your other obligations above and beyond the casino debt., Create a budget that pays off your debt and...
Step-by-Step Guide
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Step 1: Make a decision that you will no longer gamble
You will not be able to pay off your casino debt if you continue to gamble.
The process of eliminating debt begins with a decision to get your finances back in order and not let them get out of hand again. -
Step 2: and mean it.
Purchases need to be paid in cash from now on because credit cards only defeat the purpose of getting rid of debt.
If you are concerned, ask a trusted friend or family member to hold onto an emergency card for you.
Stress to that person that you cannot have it back under any other condition. , Calculate all the money coming in, such as your income.
If you cannot realistically cover payments for the debt and other monthly expenses, then you need to cut back.
If cutting back is still not enough, you need to consider getting a second job, at least until the debt is paid off. , Include everything that you "need" to survive.
Until your regular and casino debt is paid off, your "wants" should not be a factor. , Make sure that the additional amount goes toward the principal, not the interest.
You will pay the minimum balance on the rest of your debts in the meantime, and continue to pay the rest of your bills on time.
Pay the largest debt in this manner until it is eliminated.
Move onto the next card or obligation, and start paying additional money toward that.
Continue on until all obligations are paid off. , Whether it's a tax refund or a bonus, put any extra money that you receive toward the debt. -
Step 3: Get rid of your credit cards.
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Step 4: Sit down and evaluate your finances
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Step 5: including all your other obligations above and beyond the casino debt.
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Step 6: Create a budget that pays off your debt and monthly expenses.
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Step 7: Choose your largest debt with the highest interest rate
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Step 8: and start paying more than the minimum balance on this.
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Step 9: Throw any extra money at the debt
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Step 10: and you will see it slowly decrease.
Detailed Guide
You will not be able to pay off your casino debt if you continue to gamble.
The process of eliminating debt begins with a decision to get your finances back in order and not let them get out of hand again.
Purchases need to be paid in cash from now on because credit cards only defeat the purpose of getting rid of debt.
If you are concerned, ask a trusted friend or family member to hold onto an emergency card for you.
Stress to that person that you cannot have it back under any other condition. , Calculate all the money coming in, such as your income.
If you cannot realistically cover payments for the debt and other monthly expenses, then you need to cut back.
If cutting back is still not enough, you need to consider getting a second job, at least until the debt is paid off. , Include everything that you "need" to survive.
Until your regular and casino debt is paid off, your "wants" should not be a factor. , Make sure that the additional amount goes toward the principal, not the interest.
You will pay the minimum balance on the rest of your debts in the meantime, and continue to pay the rest of your bills on time.
Pay the largest debt in this manner until it is eliminated.
Move onto the next card or obligation, and start paying additional money toward that.
Continue on until all obligations are paid off. , Whether it's a tax refund or a bonus, put any extra money that you receive toward the debt.
About the Author
Andrea Peterson
Specializes in breaking down complex cooking topics into simple steps.
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