This article discusses how to handle gambling debt. A lot of people have been consumed by gambling. They have very huge debts that will take time to completely pay. By the time you will finish studying this article, you will learn what you can do to take care of your gambling debt and start your life afresh.
How To Handle Gambling Debt ; Get Rid of That Gambling Addiction
For the fact that you need to live up to expectation for yourself, family and relatives, say no to gambling. Think of how it has robbed you of your peace of mind, the debt it has landed you and how miserable it has made you. Before you deal with gambling debt, you need to treat your gambling addiction.
How To Handle Gambling Debt ; Remove Your Gambling Source of Funding
Freeze you credit reports, with this you won’t be able to open a new one. For the credit cards that are open, you may close them. This will affect your credit score but help you to stop using your credit cards to gamble.
How To Handle Gambling Debt ; Stop Gambling
This is very important. You just have to completely stop gambling. Think of all the damage it has cost you. It is not possible for you to win money now when you have not been winning it before. You cannot also win money enough to pay off your debt. Simply give up on gambling.
Find Treatment for Gambling Addiction
If you have a health insurance, this is a perfect time to use it. Consult your health insurance company. They may pay for treatment for gambling addiction. Many states pay the cost of treatment if your insurance doesn’t cover addiction therapy. Check your state Consumer Affairs Office , they may have valid option for you.
Paying Off Gambling Debt by doing the followings;
Compile a List all the people you owe
Making this list will enable you know all your creditors. They may include overdrawn bank accounts, credit cards, casinos and any other one. This will help you know who and how much you owe.
Get an Additional Job
Yes! You really need to start working many more extra hours weekly to earn more and pay off your debt. If you can’t find a job, turn your favorite pastime into a part-time business. It could be cooking, singing, dancing or any other thing.
Borrow Money From Family or Friends
Honestly tell your loved ones what you are going through. They may decide to lend you money to repay the gambling debt quickly. Also give them the opportunity to help you out of the addiction.
Sell Your Assets
Moreover, if you have valuable assets especially the ones you are not using, sell them to pay off your gambling debt. That’s if you haven’t already sold them to get more money for gambling. You may sell some of your furniture, electronics, jewelry, or even your car are all items that could be sold to pay off debt.
Negotiate a Settlement Payment
This option is not ideal because it will affect your credit score negatively. Your creditors may accept a settlement payment on your gambling debts, just pay some percentage immediately.
As a last resort, you may declare bankruptcy. However, a creditor can claim you incurred the debt under false pretenses or through fraud. You knew that you do not have money to pay back but took out a credit card cash advance. They may hold you on this and ask the court not to discharge the debt. Apart from that, bankruptcy will show on your credit report for up to 7 years.