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How To Gamble Responsibly and Not Grow Debt

Our most recent contact has indicated that he is looking for suggestions on how best to consolidate his credit card and gambling debt and also how to gamble responsibly and not grow debt even further than he has. He is applying for $30,000 which could be either a personal loan or it could be consolidated with the mortgage on his home to take advantage of the equity that he has in his home. He wants to know which is the better approach. He also wants suggestions regarding how to control his gambling so that he does not owe a lot in the future from gambling.

We are not gambling addiction experts and we really have no professional suggestions regarding gambling. We have heard many people have just simply stayed away from casinos to avoid the temptation. If they must go to the casino, they will take a limited amount of money with them to gamble with and when it is gone, they leave. They also leave their debit cards and credit cards at home when they go to the casino to avoid any temptation. Other than those small suggestions we suggest a call to gamblers anonymous for further help and suggestions.

Regarding how he should finance his $30,000 debt, there are two main alternatives which he has mentioned. The chart at the end of this post illustrated the interest costs and monthly payments covering the $30,000 consolidated with his mortgage at 5% over 25 years compared to a 5 year loan and a higher personal loan interest rate.

Bottom line is that consolidating this $30,000 loan with his mortgage will result in much lower monthly payments over a long period of time with corresponding much higher interest costs even though the interest rate is much lower than a personal loan. The personal loan will cost about half as much in terms of total interest costs, due to a much shorter term, however the monthly payment will be 4 times that of the mortgage payment.

It basically comes down to cash flow. If the client can afford the higher payments, then they are much better off in the long run to take the personal loan and pay the loan off quickly to minimize the total interest cost of the loan.


Home/Mortgage Loan Amount :: $30,000

Home Loan Application and Processing Speed (when do you need the funds):: within two weeks, I need to consolidate my gambling debts and other debts that I have accumulated

Do you currently have a mortgage? :: yes, a small mortgage on my home

Bank Name and Branch :: Nevada State Bank, West Sahara

What City/Town, State and County do you live in? :: Las Vegas Nevada

Zip :: 89102

What is your employment field? :: Truck Delivery Man

Employment Position :: Truck driver

When are you paid? (monthly/weekly/biweekly):: bi weekly

Your credit rating to be – excellent, fair, or bad? :: fair to excellent as long as I meet this months monthly payments

How did you find us? :: looking for help online about how to gamble responsibly

How are you paid? (direct deposit/paper check):: direct deposit

Gross Amount Per Paycheck ::$1600

Do you agree to have this information published online, without your PRIVATE information of course? :: sure , perhaps your suggestions will help others in my position

Extra information here please (some detail):: I am trying to figure out the best approach to deal with several areas of debt that I have. In total I need approximately $30,000 which is made up of $18,000 in gambling debt and another $12,000 in credit card debt. The interest rate on the credit card is high as you might expect and the gambling debt is not carrying any interest at the moment, but they want to be paid immediately. I can use my credit card cash advance, but then I would be paying at least 20% interest on the total debt. I would much rather obtain a low interest loan and consolidate all of my debt into one loan at a low interest rate with low monthly payments.

I am considering just a straight personal loan as one approach, although I know that probably means higher monthly payments and higher interest rates as well compared to the second approach. The second scenario would be to remortgage my home, take advantage of the equity in the home and consolidate everything into one mortgage. The interest rate would be much lower, although the payments will be much lower due to the much longer term. Would like to hear your opinion on the best approach to take with regards to these two scenarios.

Note to Lender :: I have managed my financial affairs pretty well and have decent credit reviews, however I have a gambling problem and over the last three months have lost almost $18,000. Admittedly I got carried away. I won a few jackpots and thought I could win a lot more, but then my luck went south and I end up losing what I had won and much more.

We love the atmosphere of the casino, the free entertainment and the comp’s, but my wife and I really need to figure out how to gamble responsibly to avoid future large losses of this kind. Any suggestions you can provide in this area would also be appreciated.


Category: Home Mortgage Loan APR 5% APR 10% APR 14%
Loan Principal $30,000 $30,000 $30,000
Payment Schedule Monthly Monthly Monthly
Length of Term 25 5 5
Amount to be paid $48,811.67 $37,623.67 $40,673.00
Total interest paid $18,811.67 $7,623.57 $10,673.00
Paid per installment $160.48 $618.47 $668.60


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3 Pre-apps

  1. Will wrote:

    Need a $70,000 loan to consolidate my bills into a single payment. Been working for the Gov for several years and I also receive a disability pay from the VA. I’m able to pay my bills but most of my payments go to interest.

  2. Bob wrote:

    I would like to borrow 16,000 for no longer than 1 month. I will pay a 401K loan – have and retake another loan to payoff the 16K. I have enough in my 401 to allow me to borrow enough to consolidate the few bills I have left. Please consider this low risk loan. Thanks. bob

  3. Cam wrote:

    I would like to borrow $20,000 at 6% over a five year period. This is to pay for past debt that has been hampering my credit score severely. That past debt includes emergency medical bills not covered by the VA, payday loans, utility bills, and for the purchase of a used vehicle. I am a 100% disabled veteran that receives monthly benefits in perpetuity. Which also increase annually for the cost of living. I am also taking wealth management classes to improve my financial fitness. Thank you for your consideration.

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