What Debts Could March Madness Gambling Pay Off

By Mary Ann Pekara
March Madness is in full swing now and gamblers' wallets across the country are a little lighter as they wait in anticipation to see how their brackets play out.
Whether you're a regular college hoops enthusiast or not, it has been projected that over 100 million people will take part in the "bracket" sensation that encompasses March Madness.
It has been estimated that those 100 million people will be collectively gambling approximately $12 billion on this NCAA tournament.
Based on the government's census calculations from 2012, the amount of money spent on gambling during this year's March Madness could have paid off over 2.6 million people's credit card debt at $4,554.97 each!
With approximately 191 million credit card holders in 2012, the credit card debt was projected at $870 billion.
Is it even worth asking ourselves why gamble when we could pay off some of our debt?
March Madness is its own world. It's a distraction from our lives. It brings us highs and lows. It brings people together. It pulls people apart. It pits people against each other. All in all, it is great fun.
What else could this $12 billion pay off if we didn't gamble it away?

• The Heinz Company's $12 Billion Debt
• Clear Channel Communications' $12 Billion Debt
• Portugal's Town Hall's $12 Billion Debt
• Texans' $11 Billion Unpaid Child Support
• Illinois' $9 Billion Unpaid Bills

There's a lot of debt that could be paid off with $12 billion but right now this country is busy watching their brackets.