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Debt Management for Gambling Issues

The High Price of Gambling

Despite being fully aware of all the warnings, most people find it incredibly easy to get addicted to gambling and eventually deep in debt. The thrill and adrenaline that comes from winning big are always much larger than the lows that come from losing, making it difficult for people to see the path they’re headed down, a path that almost always leads to debt. Here are some typical signs that someone has a gambling problem:

  • They gamble until they’ve spent all of their money.
  • They’ve stolen in order to gamble.
  • They’ve sold possessions to continue gambling.
  • They borrow money to gamble with.
  • They put aside money to use for gambling on a consistent basis.

Even when a chronic gambler realizes they have a major problem, they often continue to play hoping to get one last big win and pay off their debt. It’s usually not until they hit rock bottom that they can stop gambling and start properly managing their debt. If you or someone you know has a gambling issue that’s put them in debt, be sure to try these options in managing the problem:

Where to Get Debt Management Help

  • Gambler’s Anonymous is a great resource for anyone trying to quit their gambling habit and pay off their debt. The program has already helped thousands of people and can provide you with counselors and debt management plans.
  • While some programs are better than others, you could consider enrolling in a debt management program. Debt management companies can try to eliminate some of your debt and reduce your interest rates. They also combine your debt into a single payment for each month.
  • Consumer credit counseling services are similar to debt management programs, they can assign you a trained financial expert to create a personalized budget and plan for eliminating your debt quickly.
  • Finally, bankruptcy may be an option for you, though it should be your absolute last resort. Bankruptcy can only be declared once every seven years and you’ll still be responsible for most of your debts.

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