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Tips To Recover From Gambling Debt

People with gambling problem and addiction often find themselves in a state of shock and in deep debt. The gambling problem occurs when a person has lost control of their gambling habit. Such kind of gambling behavior is putting serious effect on the gambler’s health and well-being and such problem is also putting his relationships with family and friends at stake. The affected person will routinely gamble more than they can afford and will display negative behavior which often leads of begging for money, stealing or selling off personal belongings. Affected individuals with gambling suffer a complex mental and health problem that needs to be treated with utmost care and professional help.

Here are some tips to recover from gambling debt:-

1. Stop gambling right away

As soon as you realize the fact that you have gambling problem, the first and foremost that you need to do is stop gambling. It is an addiction that makes this difficult for you, because there is a psychological mechanism at work that can’t simply be turned off. You can start with stop visiting to the gambling places like casinos, clubs and avoid online gambling by removing all apps and websites from your phone and computer respectively.

2. Seek professional help

Speak to a gambling counseling professional and tell them honestly about your problem. These services are free and readily available. You will be surprised to know the severe impact of ignoring the problem and even more surprising how evident it is to those around you.

3. Cut off your funding

If you are gambling using your credit cards, stop using or stop your cards right away. If your gambling money comes from cash that you set aside from your hard earned monthly income then set up auto-debits immediately and put that money into your savings account or fix them into some long term and high-interest money schemes that you can’t touch.

4. Do not gamble to pay off your debts

Most people often indulge into gambling as they want to earn enough money to pay off their existing debts. This is the exact mentality in which the casinos run successfully. With such thinking, the gamblers usually caught up into deep debt cycle, even if they were to win enough money to pay back their debts, is that they will simply keep gambling it away time and time again. Gambling is not an alternative to enough money to pay off your debts. It involves huge risk and you often leave with less money than you started off with or sometimes your money becomes completely zero. When you are into tight financial situation due to gambling, the solution is to quit.

5. Get treatment

In order to get rid of gambling debt, you firstly need to get over with gambling addiction by taking a right gambling treatment. There are many programs that can help you quit gambling. There are publically funded addictions treatments available across Canada. You can even consider signing up for self-exclusion through the Ontario Lottery and Gaming commission. By signing up, people are committing to stay out of casino, and to not play any OLG games. Gaming sites have face recognition technology that will identify you and prevent you from participating. You can choose to sign up for exclusion for six months, one year, or indefinitely.

6. Find ways to pay off your debts

Compile a list of all the money you owe form banks, people and financial institutions. Start with paying off the debts with higher interest rate first and work your way down. Consider debt consolidation and take out debt repayment help. It is a good idea to look for new beginning and practice managing your finances with budgeting.

7. Calculate your total debt

Canadians can recover from their gambling debt by closely calculating their total number of debts over the years. For this purpose you can go through your bank statements which will show automatic payments made on loans, as well as any payments made toward credit cards, lines of credit, etc. You also need to go through your mail and email to see what notices or information has been sent to you. You also need to look through any paperwork to see what payday loans or similar loans are under your name.

8. Consider your assets

Make a full list of your assets when looking at the potential options to get out of debt. If you have a car or jewelry, you can consider selling it off to arrange funds to pay off your debts and the interest charges.

9. Earn extra income

Listing out the monthly income and expenses is an important step in the financial recovery process. This will tell you how much extra funds you may need to pay off your loan installments. Find part-time job and consider side-hustle option to earn more income. You can even consider renting out a part of your property if available to get extra income.

10. Be patient

Recovering from gambling debt can be a long process, both emotionally and financially. So, it is important to stay strong and dedicated. Find the right people around you who can motivate you to get rid of debt. With a positive thinking and strong determination you can surely get out of gambling debt and can able to write a new chapter of your life.

Getting Help for Gambling Problem in Canada-

Canadian Centre on Substance Abuse

This website offers a comprehensive resource of information about problem gambling and where to find help on a national level.

www.ccsa.ca

Canadian Mental Health Association

This website will direct you to mental health support in your local area and will provide additional information on dealing with mental illness.

www.cmha.ca

Ontario Problem Gambling Helpline

For immediate help dial this national helpline to speak with an experienced staff who will direct you to organizations near you to help with depression, debt counseling and therapy.

www.problemgamblinghelpline.ca

Credit Canada

They teach people how to safely escape from and deal with debt. They provide immediate relief for pressing debt problems and enables people to rehabilitate without the pressures of the bailiffs at the door.

Bottom line

The gambling debt can be treated in the same manner like any other debt you may have. It is important to realize that you have a gambling problem and then getting the help to quit the gambling behavior first. Once you have done that, there are many options available to pay off your debt and become debt-free.