How to Eliminate Casino Debts

No matter how hard you tried to avoid it, you allowed the urge to gamble to get the best of you and you ran up a debt at a casino. You are hundreds of miles from home and the casino expects to be paid before you leave. Fortunately, there are several things you can do to return to the bliss of solvency.

Instructions

1. Check your credit cards for the balance of your limit that you can withdraw in cash. If you do not know this, you can make a telephone call to each company for that information. Make the withdrawals and have the cash in hand before you take the next step.

2. Talk to the casino about paying your debt over time in installments. Offer them the cash that you have withdrawn from your credit cards as a "good faith" payment. Understand that this is not the first time that someone has gotten in over his head at the casino. They simply want to be repaid and they are in a position to help. Offer to make a monthly payment of a set amount until the debt is paid off.

3. See how much equity you have in your home. The chances are good that, if you have had your mortgage for several years, you have built considerable equity in your property. If you have not done so in the past, talk with a lender about refinancing your mortgage. If the interest rate is significantly lower than the one you are paying now, you may be able to withdraw what you owe the casino and make monthly payments that are similar. An alternative to refinancing your house is taking out a home equity loan or line of credit.

4. Work more hours. The most efficient way to pay what you owe the casino is to either take a second job or work additional hours at the one you have. The advantage is that you will have additional money to pay off your debt and you will not have made a long-term commitment because you can stop once the debt is paid.

5. Sell assets. Most people have accumulated far more than they need so chances are you will not miss what you sell. Remember that your trash is a treasure to someone else so do not be afraid of setting reasonable prices. You can sell these items via a yard sale or on eBay.

Resources

• More on Paying Your Debts