Gambling is all fun and exciting, but too much of it can result to serious problems. One day, you see yourself playing an online slot game in Thailand, and then the following week you are struggling to pay your bills. Those people who suffer from problem gambling end up deep in debt, from loan debt and home equity debt to credit card debt. Are you one of them? It is horrible, but there are many ways to handle and fix the problem.
How to treat your gambling addiction?
Before finding ways to settle your gambling debt, you must first treat your gambling addiction.
The very first step you must take is, of course, acknowledge the fact that you have a gambling problem. Do it for the sake of yourself and your loved ones.
Cut off the source of your gambling funds.
Are you using your credit cards to gamble? Close your accounts. Usually, closing a credit card account doesn’t really help one’s credit scores. But, if it would keep you from making more debt, that you need to do it. Freeze your credit report to make it harder to open a new loan account or credit card.
More gambling is not the solution to the problem.
Some gamblers think that it’s possible to win enough cash to pay back all their debts. Well, the opposite happens. What they get is more debt to pay. At this point, it’s important to seek professional help to address your gambling addiction. You don’t need to worry about anything, since your health insurance provider can pay for it.
How to pay off all your gambling debt?
1. Come up with a list of all the people to which you owe cash.
Make sure to include each debt that would come to your mind. The most important thing here is to know how much you owe, so you can take action.
2. Get another job.
Don’t just depend on your main source of income. Work additional hours every week. Those extra hours and pay would help you produce more money. You can also engage with a new hobby that you can turn into a small part-time venture.