‘I Am a Gambling Addict for the Past 15 Years’: Nurse Practitioner Making $196,000 Is 6 Months Sober and $59,000 in Debt
A nurse practitioner earning nearly $200,000 a year called her financial advisor as homework from her therapist, six months clean from a gambling addiction that wiped her out twice before. Whether this time sticks comes down to one number she…
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Lashawn, a family nurse practitioner in Charlotte, opened her call to The Ramsey Show with one sentence: “I am a gambling addict for the past 15 years and I have been sober for the past 6 months.” She told hosts George Kamel and Rachel Cruze that the call was homework from her therapist. Phoning in “is one of my steps with my therapist.”
Her income is big. Her base salary is $196,000, and overtime can push it to $210,000. She takes home $10,000 to $11,000 a month, plus $1,050 in child support.
Her debts are big too. She owes $16,700 on credit cards, $50,000 in high-interest consumer loans tied to gambling and home repairs, and $9,000 to the IRS. On top of that, her mortgage payment is $3,136 a month.
She has also been here before. Over those 15 years she filed bankruptcy and paid it off, refinanced her house and paid that off, then “got back into debt.” She has wiped the slate clean twice, and both times the balance came back.
Kamel’s Fast Payoff Plan Works, but His Total Leaves Out $16,700
Kamel’s verdict: “59 total will get you debt free.” He figured she could be clear in about ten months if she lives on roughly $7,000 a month and sends the remaining $5,000 or so to debt.
The strategy is sound. The timeline is too short. His $59,000 includes the consumer loans and the IRS debt but leaves out the credit cards. Put the cards back in and she owes $75,700 on top of the mortgage.
At that pace, his total alone takes closer to 12 months. The full $75,700 takes about 15 months. The pace remains fast, but it is the date she should plan around. If she sets for a deadline she can actually hit, a missed target won’t knock her off track.
Interest is the reason to move quickly. The average credit card APR at commercial banks is 21%, which is record territory. At that rate, $16,700 builds up about $295 a month in interest. That means roughly $295 of her $785 card minimum goes to the bank before any of the balance comes down.
She has already shown the plan works. Her card balance dropped from $20,850 three months ago to $16,700. Six months away from gambling turned her paycheck into a tool for paying off debt.
Your Monthly Surplus Sets the Finish Line
One number determines how this ends: the gap between what comes in and what goes out. At her income, spending is the only tool that really moves.
At the low end of her take-home, spending $7,000 leaves a surplus of $4,050. At that pace, the full debt takes about 19 months.
Now say spending creeps up and the surplus shrinks to $3,000. The same debt then takes about 25 months. She makes the same salary in every case, but the finish line moves by months depending on how much she spends.
Sportsbooks Are Spending Hard to Win Customers Back
She is recovering while the industry works to keep customers playing. On October 14, Marketplace Morning Report aired a segment in which a reporter tested warning tools from DraftKings (NASDAQ:DKNG | DKNG Price Prediction). By the company’s own includes, he received 32 responsible gaming notices. Yet hours or a day after a warning, he still got promotional boosts to keep going.
DraftKings raised second-quarter sales and marketing spending to $323 million, up from $233 million a year earlier. On the August earnings call, the chief executive said customer acquisition “grew nearly 75% year-over-year.” FanDuel’s parent, Flutter Entertainment (NYSE:FLUT), described its own plan to “increase generosity to customers.”
The companies have lost ground too. Flutter shares sit near $79, down 63% this year. DraftKings trades around $21, down 39%. Their shareholders take those losses on paper. Lashawn pays hers back one transfer at a time.
Run These Numbers Before Your Next Paycheck
- Total every balance. List each debt with its APR and minimum payment. Include the credit cards, the debt Kamel’s quick total left out.
- Write down a spending cap. Subtract it from your take-home to get your monthly surplus. Divide your total debt by that surplus to get a payoff date you can trust.
- Deal with the IRS early. Unpaid tax debt keeps adding penalties and interest, and the IRS can garnish wages. If you can’t pay it off in one lump sum, set up an installment agreement.
- Block access at the source. Sign up for your state’s self-exclusion list and turn on gambling transaction blocks through your bank or card issuer.
- Track one balance every month. Her drop from $20,850 to $16,700 shows how fast visible progress adds up.
A six-figure salary nets $75,700 quickly, but only for as long as the monthly surplus goes to debt instead of disappearing.
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Jake has been been working in financial media for almost 15 years. He focuses on all things personal finance for 24/7 Wall St. with high hopes to educate and entertain. Most recently, Jake spent 12 years working various roles at The Motley Fool. He started copy editing fool.com content, worked on premium and marketing campaigns, and helped launch The Ascent, a personal finance brand.
His work has been featured on platforms like MSN, Yahoo Finance, USA Today, and more. He's written about credit cards, social security, ETFs, savings accounts, and just about anything else you can imagine when thinking about money. Jake love to cook, play golf, and tell people he's never had a cavity. (It's true!)
