The Royal Court heard that during a tumultuous 18-month period, Gerard Anthony Meadows (42) lost his job, then his home after splitting with his long-term partner.
Crown Advocate Richard Pedley told the court that Meadows owed £10,000 to various people and finance firms and accepted a deal to smuggle drugs into the Island to try to clear his debts.
He was stopped after he got off an easyJet flight from his native Liverpool in April.
Samples of cocaine were found on his wallet, phone and shoes.
He was later taken to the Hospital where an X-ray found he had four packages concealed internally.
Meadows pleaded guilty to importing a class A drug.
The packages contained 53.96 grams of cocaine worth between £4,500 and £8,400.