How to start over when you're neck deep in debt? Hi, my name is jay, 39y/o. I used to have a good life. I was on my way up 8 years ago. I started a small advertising business and turned it to a. Debt settlement – Debt settlement is the most effective way I have helped my clients with gambling debt relief. There are many benefits of debt settlement for credit card debt, but the biggest one is that you won’t have to pay back your entire credit card debt.

Jun 22, 2013 Are gambling debts a problem in bankruptcy? - Read the Bankruptcy legal blogs that have been posted by Douglas Gist Farquhar on Lawyers.com. Nov 20, 2013 And at the end, the total cost of gambling has stacked up significantly. What can you do? Start Your Gambling Addiction & Gambling Debt Recovery. Before any sort of financial plan to repay debts can begin, the problem gambler must first begin his or her recovery. Gambling must be stopped.

It’s a wager. You bet something of value – usually money – on an event with an uncertain outcome hoping to take home a bigger return. That shouldn’t be news to most people. About 85% of adults in the U.S. have gambled at least once in their life and the gambling industry takes in about $500 billion a year.

What might be news is that as many as 23 million Americans go into debt because of gambling and the average loss is estimated to be around $55,000.

So how do gamblers pay for their losses?

They “borrow” from credit cards, savings accounts, investment portfolios, retirement funds – anywhere there’s money or credit available – hoping to fund the one big bet that gets them back to even.

But if you’re out of luck and that pile of chips has turned into a pile of debt, the answer is not to go all in. The answer is to convince yourself to stop gambling altogether, and seek psychological help for the addictive nature of the problem.

Steps to Overcome Gambling Addiction

Before you think about paying off your gambling debts, treat the root of the problem: an addiction to betting. It won’t do you any good to make a $1,000 payment on your credit cards, if you bet a $1,000 on this week’s big game and lose. You’re still in a hole, it’s just a little deeper.

Here are some ways to address your gambling addiction first. Once you get your mind right, then you can get your finances straightened out.

Make a choice to quit gambling – A gambling addiction is classified as a substance abuse disorder, so treat it as such and get straightened out. To say that you are going to stop gambling implies that you may start again. Decide yourself that you will quit gambling forever.
Cut off gambling fund – Close any credit accounts that could feed your gambling problem. Get rid of credit cards and especially ATM cards. Have your bank require two signatures for a withdrawal, one from you and one from a trusted friend or relative. Compulsive gamblers can get the urge to place a bet at any time. Create a buffer between you and your money.
Treat your addiction – There is an 800-number national help line as well as many treatment centers and clinics for people with a gambling addiction. Therapy can help with your problem, and entering a safe environment where you can get some things off your chest will offer relief. Gambling addictions were added to the Diagnostic and Statistical Manual of Mental Disorders as a substance abuse disorder. That means your health insurance is required to provide some form of coverage for therapy through the Affordable Care Act mandate.
Get a support system – It’s hard to admit to yourself that you have a problem, and it’s even harder to admit to others, but it could be the key to keeping you motivated. Explain to your friends and relatives that you have a problem. They should be understanding and admire that you are getting help. It is hard to go about it alone and much easier when you have loved ones encouraging you. Look for support groups like Gamblers Anonymous. It will be beneficial to get advice from people you can relate to, the ones that have been there and done that.
Understand the term winnings – Winnings is how much money you won gambling. It’s what everyone wants to know after you place a bet. How much did you win? You probably know deep down that winnings does not count how much you bet, so know it up front. For example, don’t think that you won a modest $30 if you placed $10 bets in five different leagues and only one paid out. That’s a loss. Daily fantasy sports are especially good at tricking you into thinking you are winning money, when in fact, you are losing.

Gambling’s Impact on Family and Friends

A gambling addiction affects more than just the gambler. The money lost at the casino could have gone to bills and to provide for a family. Friends and relatives that feel the effects of someone’s gambling problem can seek help from organizations like GamCare.

Family and friends absorb the fall out that comes when gamblers start searching for ways to cover their habits and their losses.

Some of the signs that someone you know might be addicted to gambling include:

Constantly talks about gambling opportunities
Unable to cut back or stop gambling
Willing to take high risks when gambling
Takes time off from work to gamble
Tries to hide gambling habits from family and friends
Asks for loans to cover gambling losses

Family and friends are usually the first ones to recognize these signs. If you see this happening, bring it to the gambler’s attention and stand by them when they reach out for help at treatment centers or clinics.

How to Pay Off Gambling Debt

Once the addiction has been treated, it’s time to deal with the debts that resulted. There are several avenues to address that issue, but one that seldom is suggested would be to put them in touch with a credit counselor from a nonprofit debt management agency.

The credit counselors can help them get on a budget and assist with things like reducing interest rates on credit cards. This is usually a long process so family and friends of a gamble should be patient while waiting for a successful outcome.

Gambling debt is no different than other types of debt. You often owe multiple people or creditors money plain and simple. You need to develop a plan to pay them back.

List who you owe and how much you owe – Write down everyone you owe money too. That includes casinos, bookies, loan sharks, credit cards, overdrawn bank accounts, personal loans and home equity loans. Calculate the dollar amount you owe each of them.
Pay off as much as you can – Consider selling some of your valuables like jewelry, electronics or memorabilia. Don’t sell your car if it provides you transportation to work. Pay off what you can right away. The longer you wait, the more dangerous the situation with bookies and loan sharks becomes and the more interest you rack up through credit accounts.
Consolidate your debt – Consolidating your debt gives you a clearer picture on what it will take to break even. The basic principle is that you take out one large loan to pay off your smaller debts. Then you only pay one creditor. There are a few ways to do this. Consolidation credit cards and loans are two options. Look for a credit card that offers 0% interest for a year to 18 months. Another option is to enroll in a debt management program, which will take over payment on your credit card debts and help you lower interest rates. You pay the debt management company once a month and they pay your creditors. Talk with a nonprofit credit counselor to see if this might be your best option.
Create a budget – You won’t know how much money you can put toward your debt until you know exactly how much money you need to pay every day bills each month. If the numbers don’t add up, you’re going to need more income.
Get a second job – The quickest way to get out of debt is to boost your income. That doesn’t mean bet the house on black. You need steady, predictable income. Find a part-time job and apply that money to your gambling debt.
Bankruptcy – This should always be a last resort, but in extreme cases it might be the only option. There is no guarantee that your gambling debt will be discharged, but there isn’t a specific law for or against it. However, the trustee may decide that you accumulated the debt with no intention of paying it back. If you can discharge your debts through bankruptcy, know that y

How To Fix Gambling Debt