I've tried the glitch, it got boring pretty fast though :/
I got to rank 5 without getting into debt at all, I found the spinnerbox to yield extreme rewards, both in points, but certainly in cash as well.
I heartedly recommend "Cow and Corset: 25-250" to anyone that want to get cash without cheating.
You'll probably lose a little at first, but once you hit the jackpot 2 times in 15 spins, you will certainly find yourself loving every minute of it. This does, in my experience, happen quite often. Also, if you find yourself on a losing spree in the game, DO KEEP PLAYING! That's what you want, because the game rewards you for sitting through a losing spree, with a jackpot, trust me!
I'm up 300k, no debt, with only having tried using the glitch briefly.
Oh, and by the way, I got all 15 unique items as well.
Edit: I don't understand how you people can get into debt at all, to be frank - Maybe you're just not used to gambling, or finding your own rhytm/system. I've seen everyone complain that they easily get into debt. At first, you need to figure out the game, and of course you get a little of debt, that's acceptable, but that's also why the first tournaments are free. Just play a few of the fortune's tower tournaments, they are extremely easy, all of them, glitch or no glitch.
When you get past the start, and build up around 2k-3k, go to spinnerbox play, no tournaments needed. You will build points EXTREMELY fast, and should keep it around your starting capital. Now you're rank 3, complete the fortune's tower tournaments for easy money, and the items, then move to the spinnerbox tables again. Rinse and repeat.
If you got keystone figured out, then go with that alongside fortune's tower. It's shit for points and money in standing issue play though, in my experience.
Save the spinnerbox tournaments for last, and then prepare to have your brain torn from your skull. After every spinnerbox tournament, won or lost, go do some fortune's tower, or keystone standard play, then move to spinnerbox again. This way, you shouldn't be to bored, and also make some money from the tower.
I got to rank 5 the day I bought it, decided on 300k as my end amount, so got there on day 2, and I haven't touched the thing since. I just wanted the items, and the gold, I hate the game.