People with gambling problems and gambling addiction often end up in debt. When gambling debt becomes a problem, the debt has often gone beyond the money owed to casinos or river boats. Instead, you may have debts from credit cards, loan debts and even real estate, all related to betting problems. There are ways to deal with all the debts that you have created through the game.
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Treat addiction to the game
Before dealing with gambling debt, you must treat gambling addiction.
It has been said that players with problems are less willing to admit that they have an addiction to the game than drug addicts. For your sake and that of your family and loved ones, take some time to analyze your situation and assess if you have an addiction to the game. For example, you may have a gambling addiction if you have ever wagered the food bill or money.
Cut off your funding source. If you have been playing with credit cards, close them. Normally, closing a credit card is not good for your credit score. However, if closing your credit cards prevents you from creating more debts, then that is what you should do. You can freeze your credit report to make it difficult to open new credit card accounts or loans. You must unfreeze your credit report to open any type of account that requires a credit check.
Keep in mind that a greater number of games of chance will not solve the problem. Many players think that they can earn enough money to pay debts, but the opposite is true.
You just end up creating more gambling debts to pay. And even if he made enough money to pay off his debt, he is likely to play with that money, thinking if he won once he could win again.
Get treatment for your gambling addiction. Your health insurance provider can pay for the treatment of gambling addiction.
Check with your insurance provider to see what options are available. Some states will even cover the cost if the insurance does not pay for it. The Office of Consumer Affairs in your state may have more information about state programs for gambling addictions.
Paying gambling debts
Once you deal with the addiction, you can focus on the debt. Start by writing a list of all the people you owe. Some of your gambling debts can be on credit cards. You may have overdrawn bank accounts. Or, you may even owe it to the casinos. Put all the debts you can think of in the list. If you know new gambling debts, add them to the list. The key is to know who and how much you owe to be able to take action.
If it suits the bookmakers or usurers, you may have to borrow money from a friend or family member to pay the gambling debt, especially if you are threatened with paying soon. Borrowing money from a loved one probably means you will have to ‘confess your gambling problem, but in return, you can get a support system to help deal with the addiction once and for all.
You could sell valuable assets and use them to pay off your gambling debt. That’s if you have not sold them yet to get more money to bet. Furniture, electronic products, jewelry, even your car are all the things you could sell to pay your gambling debt.
Get a second job to help pay off your debt. Working several extra hours each week can help you get more money than if it depended solely on your main source of income. If you can not find a job, you may have a hobby to make money that could turn into a small part-time business.
Your creditors may be willing to accept an agreement payment on your gambling debts if you can get a percentage of what you owe within a few days.
Gaming debt, including debt owed in casinos or loaded on credit cards and loans, can be written off in bankruptcy. It is important to know that any creditor can oppose filing bankruptcy alleging that he incurred the debt under false pretenses or through fraud. For example, if you took a cash advance from the credit card knowing that you did not have the money to pay the advance when you lent it, the creditor can ask the court not to pay the debt.
However, the creditor has to prove that he committed fraud. Bankruptcy may be your only option to deal with a gambling debt.