How to Deal with Gambling Debt?

How to Deal with Gambling Debt?

Posted by: Willie Jenkins
Category: Gambling

With the prevalence of online casinos, it is no wonder that people nowadays have developed an addiction to gambling. Because of their incessant need for gambling, they usually accrue debt that is insurmountable for them to pay up.
Any sane person would only gamble disposable money that they are comfortable of losing, but there are some that would go the extra mile to the point that they use their credit card, home loan, or even go the dangerous route of getting money from a loan shark.
If you are addicted to gambling or if you know someone, you might have accrued considerable gambling debt. Here is how to handle it in the best way possible:

Seek Professional Help

If you feel that you are addicted to gambling or that you have a hard time getting out of it, then you will need to seek professional help. This is the best solution to the problem since you want to cut the main source of everything and this happens to be it.
If you still do not believe that gambling addiction isn’t a problem, the DSM-V or the Diagnostic and Statistical Manuel of Mental Disorders 5th Edition has already stated that pathological gambling is a class of its own and would require professional psychiatric care.
How do you know that you are addicted to gambling? Well, the most obvious sign is that you have a pretty hard time getting out of gambling. Next would be that your body and mind would always want to go back to the thrill and excitement that the activity provides and so on.

Cut Your Source of Funding

If it has come to the point that you are using your credit card for gambling, then it is only fitting that you cut that off. You can close your credit card account as a start. It can also help to freeze your credit report so that you will not be able to open new accounts, simply because banks and other financial institutions would require a credit check before they can give you one.

Knowing that Continuing Down the Gambling Path is Not the Answer

Pathological gamblers would often think that they can just win the money back enough that they can pay up their debts, but this isn’t actually the case.
Sure, you might be able to win back some of your losses, but it usually doesn’t happen. It is better off that you stop gambling and seek solutions somewhere else.

Simple Ways to Pay Off Gambling Debt

  • Write down all the total amount of debts and where they came from on a piece of paper. This will allow you to know exactly how much needs to be paid.
  • Do not take out a loan just to pay your debts because a loan is a debt. The best way to start paying off all of your accrued debts is to borrow money from your closest friends and family. You do have to be honest with them about your predicament, though.
  • You can sell off some of your assets such as your electronics, some furniture, or anything that is of considerable value.
Willie Jenkins