Gambling Debt

Tips for Dealing With Gambling Debt

Gambling can be seen as a leisure activity, but it goes way deeper than that. The whole exercise slowly becomes addictive, and it can lead the gambler into huge debts if they do not gamble responsibly. The debts majorly affect the credit card lending, general loans borrowed to gamble and to some extent some give their home property equity to get loans purposely for gambling. This is how deep the vice has been practised and here are some of the ways that you can follow to get yourself out of the debts caused by gambling.

Treat the Gambling Addiction

The worse destruction that one gets into once they start gambling is to get addicted to this vice. Therefore, before you can start to heal from any harm caused by gambling, you should start by dealing with the gambling addiction. This is the surest way that can help you to start the healing process and eventually get off the debts.

Regularly evaluate the mess that the online gambling in Alaska has gotten into, the debts that you have incurred and for the sake of your loved ones and your well being, terminate the source of your gambling resources. If it is from the families account or credit card, you may consider doing away with them. Avoid using or applying for credit cheques as this may be another source of your gambling money. You may also consider including a freeze or caution on your credit report to help you not to over-borrow.

A lot of gamblers to have the perception that, they can borrow a loan then use it to gamble win their stake to pay back the loan. Typically, they later realise that it does not happen that way when they are already in huge debts. Therefore, one needs to get some other means to earn real money and not through gambling.

Lias with your health insurance provider and establish whether they can settle the gambling treatment bill if they do well and good. You should start your treatment right away.

Paying Off Gambling Debt

After you are done with the treatment program with the addiction, you should start focusing on how you will have your debts settled. Check your bank statements and balances. Get the list of the creditors and people that you owe. Once you have established them all start to settle them by taking action with the least owed first.

You can at sometimes have your creditors threaten you to pay up your debt as soon as possible. For this, you may ask for support from friend or relatives to help you clear you debt if you owe loan sharks or bookies. Money borrowed from loved ones will mean that you will fess up to this problem but you may gain a support system in return to help you deal with the problem once and for all.

You can also pay your gambling debt by selling some valuable assets if you had not sold them to acquire more money to put into gambling. Some of the assets are like jewelry, furniture, electronics, cars and many more assets that you may be owning. You can consider selling them to help you pay off your gambling debt.

Getting a second job is another consideration to help you pay off the gambling debt. Depending on a single source of income can turn you into problems if you do not get sufficient income from that particular source. You should consider working extra hours to help you earn more money to clear this debt. Sometimes you will find not to get that second job for more extra money, all you need to do is to engage yourself in a money making hobby that you will turn to be your small part-time business after some time.

Efforts on coming up with a certain percentage on how to pay debts in few days is something that most creditors do accept.

All gambling debts including those charged on credit cards and those incurred from casinos can be discharged in bankruptcy. A creditor can object to bankruptcy filing. This can be done by claiming that you incurred the debt through fraud or even under pretenses. For instance, the creditor may ask the court not to discharge the gambling debt by claiming that you took a credit cash advance knowing that you never had money to clear the advance at the time you borrowed. This can only however be undertaken if your creditor proves to the court that you committed fraud. The only option to deal with any gambling debt is bankruptcy.

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