How Do I Stop My Gambling Debts From Getting Worse?

As a writer and former gambler, I wish that I could say that there is truly a magic solution to the financial debts resulting from a gambling addiction. Unfortunately, there is no magic solution whatsoever.

I can say, however, that if you suffer from a compulsive gambling problem, that the best thing you could do right now is to stop gambling. In addition, I would like to add that you must stop gambling and abstain from gambling from now on in order to resolve your gambling debt problem.

If you continue to gamble compulsively, whether it be online gambling, poker, slots, pokies, or fruit machines, your gambling debts will continue to increase exponentially.

You will soon be in a situation that has reached the point of no return.

When an individual with a gambling problem reaches this level, the person can lose a home, automobile, and have to declare personal bankruptcy.

Remember that gambling addiction is not a money or financial problem, but a serious emotional problem. You must begin to resolve these emotional issues through the help of a counselor or a support group before tackling your gambling debt problems.

When you stop the gambling, and get help for your gambling addiction, your debts will start to resolve themselves after developing a debt reduction plan with your counselor or a debt reduction specialist.

You do not have to suffer with a gambling problem and continue to have mounting, irreparable debt. Stop suffering, and get help for your gambling addiction now.

Michelle Tee is a self-help coach and author on the subject of gambling addiction . If you are looking to stop gambling and have not had success in the past, visit her site today.

Can I Include Gambling Debts in My Debt Management Plan or IVA

The number of people using credit cards to gamble on line has increased dramatically over the last few years. If you have a debt problem, we consider whether gambling will affect your ability to use debt management.

Trying to get out of debt can be extremely difficult. One of the methods chosen by some to try and pay off their debt is to attempt to win money by gambling.

Generally speaking, this solution does not work. More often than not the problem becomes worse because credit cards are used to fund the gambling habit.

Eventually the only way to resolve the debt problem is to turn to a debt management solution such as a debt management plan (DMP) or individual voluntary arrangement (IVA).

Gambling not a crime

However, a lot of people worry that they will not be able to use these solutions because their debts are partly (or sometimes largely) due to gambling.

In fact this view is not correct. Gambling is not a crime and as such debts generated through gambling should really be seen as no worse than debt generated in other ways.

As such, gambling debts which very often end up as additional expenditure on credit cards can certainly be included in a debt management plan or IVA.

The concern with gambling is therefore not that such debts are not legal or legitimate.

Further gambling must stop

The issue is that because gambling can become an addiction, if you have gambled in the past, there could be the possibility that you will be tempted to do so again in the future.

If that were to happen while you are in a DMP or IVA, it would mean that you would no longer be able to afford to make your monthly payments and the arrangement could fail.

For this reason, if you have gambled in the past, before you start a debt management plan you need to be sure that you will not gamble again. In the case of an individual voluntary arrangement you will actually need to prove that you are no longer gambling.

Generally speaking the way to do this is to provide three months of bank statements showing no evidence of gambling.

If you have gambled within the last three months and want to do an IVA, you will have to maintain reduced payments to your creditors for a month or two so that you can build up your non gambling history. You will then be able to start the IVA application process.

Speak to a debt advisor

It is extremely rare to find an example of where someone has successfully gambled their way out of debt. Generally speaking this strategy never works.

If you are suffering with a debt problem, you are far better off speaking to a debt management expert and considering a debt management plan or IVA.

If you already have gambling debts, it is important to understand that you can still resolve the problem using debt management. You just need to be sure that you will not gamble again in the future and be ready to show evidence that your gambling has stopped.

James Falla is a debt adviser from BeatMyDebt.com in the UK. For more quality and unbiased information on Personal Debt Solutions, visit our website at www.beatmydebt.com

Online Gambling Debts - How to Deal With the Causes and Effects of Online Gambling Debts

One thing there is no shortage of on the internet is opportunities to gamble. We are spoilt for choice, whether your fancy is for betting on sports, playing virtual card games or bingo. One of the things that makes internet gambling so potentially dangerous is that it is easily available for 24 hours a day. The real danger comes when you combine this factor with the fact that it is so easy to feel detached from the reality of money spent online. Gradually racking up a debt online does not feel the same as handing over hard earned cash from our wallet, so it is that much easier to lose track of how your online spending is mounting up.

For these reasons, debt problems from internet gambling are on the increase. In this article I hope to clarify some of the legal issues around online gambling, as well as providing some advice on dealing with the underlying problem and the debts that result from it.

Legal Issues Around Gambling Debts

When we talk about debt from online gambling it is important to be clear about the nature of the debt, because who the money is owed to does make a difference. People are often unsure about the legality of debts from online gambling. In the UK you can gamble legally on credit and incur a debt, but this debt is not then enforceable through the law.

However, there is an important point to make here, which is that this only applies when you are using credit extended by the company offering the gambling (casino, bookie, etc). If you use a credit card company to pay for internet gambling, that is a legally enforceable debt the same as it would be in any other circumstance, because you have borrowed money from the credit card company, not the casino. It is now against the law in the US to use a credit card to pay for online gambling.

You will find that many credit cards will regard a payment to an internet gambling website as a cash advance. This is then clearly borrowing money from the card company and the debt you incur can be pursued through legal action. If you do use a credit card to pay for online gambling this way, you should be aware that cash advances on credit cards are almost always charged at a much higher rate of interest than normal credit for purchases.

How To Deal With Debts Caused By Gambling

In dealing with gambling debts, there are two separate issues to tackle. One is the debt itself, and the other is the habit of gambling that led to the debt. Even if the debt is dealt with, it is likely to build up again if the root cause is not tackled too. Let us first consider the problem of paying off the debt.

The principles for tackling debt are nearly always the same, irrespective of the causes of the debt. To permanently deal with debt you should not be considering borrowing more money or paying anyone to deal with your debt for you. These courses of action are likely to deepen your debt in the long run.

With a little advice, you can deal with your debts yourself, by contacting your creditors and agreeing terms for repayment that you can afford. There is clearly more to it than that, but it is beyond the scope of this particular article. The process is straightforward and allows you to take back control of your finances.

Factors Leading To Internet Gambling Debts

It may help to have an understanding of why some people can become addicted to online gambling. The following are often contributory factors:

Gambling can be thrilling, leading to an adrenalin rush and feelings that we want to recreate time and again.

Many addictive gamblers think that they can win money and that this will solve all their other problems. It actually just leads to more problems by creating debt, which can then make it seem even more important to win the money, creating a vicious circle.

Addiction to gambling can actually be a mental disorder, which can lead to a compulsive need to gamble.

Being addicted to online gambling is often associated with other personal difficulties, including depression and stress.

Online Gambling Debts - The Warning Signs You may have a problem if you can answer yes to any of the following questions:

When you are not gambling, do you think about gambling and how you are going to get back to it?

Have you ever missed work because of online gambling?

Do you feel the need to gamble again after winning or losing?

Is the length of time you spend on gambling getting longer and have you ever spent longer online than you thought you had?

Are you secretive about your gambling with family or friends and do you dislike other people bringing it up?

Practical Steps To Tackle Online Gambling Addiction If you think you may have a problem with online gambling, here are a few simple steps you can take to begin to reduce or stop the habit:

Be open with friends and family and seek help with the problem.

Cancel any accounts you have with websites for online gambling.

Consider using software that blocks your access to online gambling websites.

Keep a proper, ongoing record of everything you spend - take steps to bring home the fact that the money you are using is real.

K D Garrow has worked as a senior manager for the last twenty years, with responsibility for significant financial control. His website offers free advice on paying off debt, including information on how to deal with online gambling debts. The site includes recommendations for the best debt management companies and advice on how to write off debt.