Gambling debt is not just a financial obligation; it's also an early indication of a gambling addiction. There are a few ways to cope with the monetary issue of gambling debt, but you may also want to analyze your gambling habits to prevent more debt from building up.
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Difficulty:
Moderate
Instructions
Manage Gambling Debt
1
Talk to the casinos in which you gamble to find out exactly how much you owe. You'll also need to account for any loans you signed up for to finance your gambling.
2
Make a list of other sources of money that you used to pay for gambling. Some gamblers take money out of family savings accounts and college funds. You'll want to try to put money back into these funds after you've repaid loan companies and casinos.
3
Set up a payment schedule to manage repaying gambling establishments. Interest rates vary from casino to casino, but you may be able to negotiate for lower rates if you agree to make high payments.
4
Sign up for a gambling support group. In order to manage your debt, you need to be sure that you don't build up any more of it. There are lots of different support groups, including Gamblers Anonymous (see Resources below).
5
Speak with friends and family members about your gambling addiction and financial situation. These people can support you emotionally while you deal with the problem and may even be able to help you repay your outstanding debts.
6
Consider meeting with a financial planner to help you set up a gambling repayment plan that allows you to make all of your other payments. This professional can also re-evaluate your situation every few months to see whether payments can be adjusted. You may also want help setting a monthly budget to reduce the stress associated with managing your gambling debts.
Tips & Warnings
Be sure that your repayment schedule is within your income means. Remember that your first priority is to provide for your family.
If your gambling creditors are trying to seize your property or belongings because you haven't been paying them back, you may be legally entitled to make a consumer proposal. This proposal sets up a payment schedule and stops the creditors from taking any of your belongings.
Don't take out a new loan to pay for your gambling debts.
Do not ignore any debts that you have with loan sharks. These creditors often resort to threats of violence in cases of nonpayment.
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