How to Pay Off Credit Debts With Lottery

Imagine being able to make your debt, especially your credit card debt, vanish. It is a dream shared by many people. For the rare few who are lucky enough to win it, the lottery can be a good way to pay off credit card debts.

Instructions

1

Buy lottery tickets regularly. Be careful not to run up additional credit card debt when doing so, and be careful to analyze whether the money you are spending on the lottery tickets would be better spent paying off your credit cards. For example, buying a ticket here and there when you are out running errands is harmless fun, but it does not make sense to buy a pile of 50 lottery tickets every week for $1 each with the hopes of boosting your odds of success. Even with 50 lottery tickets per week, your odds of winning are quite low, and those $200 a month would do you much more good if you send it in to pay off your credit card debt.

2

Try different types of lotteries. It might be tempting to always buy tickets for the huge lotteries that involve multimillion-dollar payouts, but if you are wanting to have a shot at paying off credit card debt that is only four figures, try a smaller lottery where the odds of winning are higher than the infinitesimal odds in the multimillion-dollar lotteries. A lottery with 1 in 100,000 chance of winning and a smaller payout is going to have a better shot at paying off your credit cards than a multimillion-dollar lottery with a 1 in 10,000,000 chance of winning (although even the former is not terribly realistic).

3

Research free lotteries, such as online sweepstakes, so as to minimize the impact on your bank account. Most online sweepstakes are going to involve you agreeing to sign up on opt-in mailing lists or to try trial subscriptions to magazines or various club memberships, however, so always be sure to read the fine print.

4

Enter lotteries regularly, while again remembering to be realistic and not spend large sums of money on lottery tickets when it might be better spent paying off your debts.

5

Understand that the odds of winning are low. Remember that even if you buy a lottery ticket every week, your odds of winning do not necessarily increase. Every time you flip a coin, you have a 1 in 2 chance of getting heads vs. tails. Even if you flip a coin twice and get tails both times, you still have only a 1 in 2 chance of getting heads on your next coin flip. Your odds of winning the lottery are similar. If you enter a lottery with a 1 in 10,000 odds of winning and you enter it every week, the probability that you might win at some point in your life does increase but your odds of winning any specific time you play do not become higher over time. Have a backup plan for paying off your debts.