back to zero utilization-beware!

[Anonymous]

I share my story because it might help young folks with their freshly minted cards and exciting lives.  Don't do what this old guy did in his youth-and in late middle age.  

I am a credit addict, gambler and spendaholic.  And I just dodged a $30,000 credit card debt bullet thanks to the press of a slot machine button.  I got lucky-this time.

I ran up a $30,000 debt in two months due to gambling and spending.  I also applied countless times for more credit and my score-peaking at 720 TU-is down to the low 680's and I was facing bankrupcty.  I won almost $30,000 this morning and can now pay the debt.  I got into trouble after I realized Navy Federal was treating my casino cash advances like regular spending and kept giving me more leash.  Discover and Citi provided $20,000 worth of balance transfer checks that I cashed for gambling purposes.  If you know how to work the system, you can get into all sorts of trouble.  But with one $11.25 bet I cashed in $29,100 and, although I'll have to pay taxes on it next year, for now the credit card debt is paid.  I still have a huge home equity line of credit to pay which started this mess off in the first place.  I also lost $14,000 in savings but now I don't have to file bankruptcy.   My utilization will be back to 0% on Friday after I pay Discover, NFCU and Citi once my casino check clears (funny to say that).  I will use CSR for travel and 3% dining again (have $600 in American Airline gift cards for flights thanks to the $300/year travel allowance but did waste my $1000 bonus on gambling). I have Discover and Freedom for 5% back and AMEX BCE for groceries, just like before when counting pennies mattered.  As far as gambling, I don't know if I can ever put it behind me.  37 years, rehab, hospitals, GA, even 23 years of AA-ish sobriety haven't stopped my habit.  I'm almost 56.  I guess I'll never learn.   But it was nice hitting $29K tonight and calling the card companies telling them the "check is in the mail."

So once again here is my list of cards and debt.

NFCU 14K-reopened  0 balance as of 1/27 (was 10K in debt)

AMEX BCE 16.5K-0 balance 

AMEX PRG - 0 balance

Chase Sapphire Reserve 24.5K- 0 balance (back to daily use)

Chase Freedom 2.2K -0 balance (5% gas this quarter)

Discover 18.9K - 0 balance as of 1/27 (was 13K in debt)

Citi (closed by me) - 0 balance as of 1/27 (was 5K in debt, trying to reopen unless credit pull is required)

Amazon store-closed by me 0 balance

Car loan - 19K balance 317/month 0% interest

Home Equity Line of credit-108K 3.25% interest variable (1000/month payment starting in April)

Disability Income-50K (VA and Social Security)-rather be working but the gov says I'm unfit 

scores in 680's 9-11 HP's on CRAs (5 from nov 16-jan 17)

$50,000 gambling loss 10/31-1/25

$30,000 gambling win 1/26

[Anonymous]

Explained yourself pretty well. You deserve a lot of high fives for the events, yet you dodged a bullet-- exactly what happened.
Most addiction involve trading one for another when you overcome one… already said that you are an overspender so it's hard to say go buy yourself a motorcycle and get a rush that way, to go see the country in counties that don't have casinos...what id do…
I myself have very addictive personality but every single time I got dragged along to a bingo hall or playing cards I never ever won so I felt guilty about it and wish I had just blown the money on cars and motorcycles. I go for the tangible. I can understand it when you have the ups and downs you're always out for that next Rush.

You just have to write it out on paper. debt wasnt overnight but you killed a huge chunk of it instantly. that is a lot of zeros you need to respect them. 50k takes 365 days to get a hold of the old fashioned way before your expenses.

[DrZoidberg]

That win helped pay your debt, yes. But in all honesty it was one of the worst things that could have happened to an addict. It was a "validation" that it "pays off." You have gambled a lot, and now you have won big, so your habit and addiction will only grow now that you know it's obtainable. 

I don't tell people how to live their lives. I get it. I don't have an "addiction" but I love to gamble. I usually do about $1k a month or so. It's fun, but I'm in control and I can afford it. I can't tell you how many times I hear people at the BJ table saying "there goes my rent" or car payment or cell bill. 

[Anonymous]

That is true and they are probably around a lot of enablers. just think if they had borrowed $1000 from 10 people they could have started a business. I still don't think that way

[redpat]

OP you dodge a bullet but getting some help now might be the best thing to do.

I have seen these movies before and they all end badly.

[heavyjay]

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@DrZoidberg wrote:

That win helped pay your debt, yes. But in all honesty it was one of the worst things that could have happened to an addict. It was a "validation" that it "pays off." You have gambled a lot, and now you have won big, so your habit and addiction will only grow now that you know it's obtainable. 

I don't tell people how to live their lives. I get it. I don't have an "addiction" but I love to gamble. I usually do about $1k a month or so. It's fun, but I'm in control and I can afford it. I can't tell you how many times I hear people at the BJ table saying "there goes my rent" or car payment or cell bill. 

---

Actually, the 30k win was just a drop in the bucket. OP still has a 108k heloc and a savings account that is now 14k lighter. I've never seen the inside of a casino so I really can't relate. All I can do is wish him the best.

[CreditCuriosity]

Do yourself a favor and close all your CC's.  you will thank me in the long run.  History always repeats itself and you admitted to yourself you have a problem you aren't willing to stop/quit.  

[ls2016]

Oh my OP...you have quite a story and thanks for sharing. I am 34-years-old and love to gamble, but after losing $150-$300 approximately once every 2 months, I'm done, go on home, and cry about it, until the next 2 months. I love the slot machines myself, but I just can't see myself throwing away my hard earned dollars. I can't relate to you at all, but the good thing is that you recongize your addiction. Once again, thanks for sharing.

[heavyjay]

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@ls2016 wrote:

Oh my OP...you have quite a story and thanks for sharing. I am 34-years-old and love to gamble, but after losing $150-$300 approximately once every 2 months, I'm done, go on home, and cry about it, until the next 2 months. I love the slot machines myself, but I just can't see myself throwing away my hard earned dollars. I can't relate to you at all, but the good thing is that you recongize your addiction. Once again, thanks for sharing.

---

You sound a little like me except that I'm a more extreme case. The only gambling I've ever done is nickel and dime poker. I get pissed if I lost 10 bucks. I guess being a sore loser has served me well. 

[Anonymous]

OP,

I have a friend who just recently lost his entire savings (around ~40k), his car was repossesed and has ton's of credit card debt all due to gambling...My best advice is to walk into the Casino and ask to ban yourself from it. In Missouri and Illinois I know you can go to the casino and ban yourself for I believe 5-7 years at a time? Not sure on the years, and they will not allow you into any casino's within the state you banned yourself from. In fact if you are caught on the premises you will be arrested for trespassing. Although you obviously love to gamble and I can understand that due to the thrill's and fun of it, it is definately in your best interest to remove yourself from those places as it will/has wreak havoc on you financially.

Just my opinion and two cents,

take care