subject: Too Much Gambling Debts? – A Legal Option To Avoid Paying Back Debts In Full [print this page] Too Much Gambling Debts? A Legal Option To Avoid Paying Back Debts In Full
You're on a losing streak but want just one more spin of the roulette wheel, just one more hand of blackjack or game of poker. It can become easy to lose control of your money when gambling excessively. As you start losing and the money starts to run out, it becomes very tempting to gamble even more hoping for a big win in order to 'get back on top'. However, more often than not, this just leads to even greater debts and more desperate gambling. It can get to a point where there seems no way back, and gamblers become to afraid to face their debts so just continue gambling.
If you are faced with this, the most important thing to do is keep calm. If you start worrying about your debt, you will immediately look for a quick solution and often gambling more in the hope of winning seems like a sensible and quick solution. It is not! Take a 'step back' and assess your financial situation. Cut your losses and focus on getting out of debt.
Firstly, you will need to gain some support from someone you trust. Realize that you are responsible for the trouble you are in and take control of your finances. Ask someone to look after you bank cards for a period of time and destroy your credit cards. This way you will prevent yourself from gambling more.
There are many organizations that will help you overcome your gambling addictions. In the UK, Gamcare offers free advice and also has a forum to discuss gambling related problems. There is also Gamblers Anonymous, which is a group of people who have decided it is better to try and beat debt through a mutual understanding and counseling of one another's gambling problems.
Once you have overcome the addiction, you need to focus on getting out of debt. There are many ways to do this, some better than others, some more suited to your individual circumstances. Getting out a loan would not be advisable. Many people get debt consolidation loans to pay off a number of creditors and consolidate their debt into one monthly payment rather than many. This is not a good idea for a couple of reasons. Firstly, you will be tempted to gamble your newly acquired finances away. Secondly, you will still be in debt, just to a different creditor and will be paying interest on your debt.
Probably the best thing to do would be to undertake some sort of financial management plan. There are different forms depending upon the severity of your debt but in all cases the concept is the same - you get a company to manage your debt for you. The financial management company will freeze all your interest, pay all your creditors on your behalf, and in some cases even write off up to 75% of your debt. All you have to do is apply for their financial management programme and they will guide you accordingly.
These companies can provide you with professional advice and help you deal with your current debt and help you to organize your money better in the future.
