What is Gambling Addiction
Compulsive gambling is an urge or addiction to gamble despite harmful negative consequences or a desire to stop. A preferred term among many professionals is problem gambling, as f...
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Gambling Debt
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Does anyone have any advice how to get help with credit card debt resulting from gambling. What is the best route to take please. Thank you all in advance for your time.
Posted on 07/07/09, 12:07 pm |
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When you attend Gamblers Anonymous, ask for a "Pressure Relief Group Phamphlet".
".......it is necessary to establish a sound financial budbet which allows you to pay off debts at a rate you can afford.Gamblers Anonymous members can be invaluable in helping you work out a budget, as many of them have experienced the same problems. They can advise you on how much you can afford to repay. Trying to settle debts too quickly, causing further financial pressures, can lead us back to gambling.".......... quoted from GA literature 
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I switched one card to an introductory interest free one and my other card already has a low rate. I made a budget and I pay as much as possible on the cards each month but leave enough for me to have a few bucks left so I don't feel so bummed... so I can eat our on a weekend or buy something for me or my home.
I put both cards in a safe in the house and do not carry them. I just live now on real money, not credit. I figure it will take me a year to pay them both off at this rate, but I'm lucky... many folks are much worse off. It feels really good to make those payments and see the monthly balances actually going down instead of up every month. It feels good to not have to hide them. I had cc slips hidden all over my house... I quit gambling on March 6 and here it is practically August, and I'm still finding them. It all seems like a nightmare now. Best wishes on gaining control of your debt. A budget is definitely helpful. Jas
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I think it kind of depends on how much cc debt you have. If you have a bunch, you may need to get help.
I racked up about $60 grand of debt and there was no way I could pay it off at the interest rates the cc companies were charging. I chose to consult with a credit counseling agency. I will still pay the entire balance off (over 4 years) but the interest rates are much lower. They take my payment out of my account twice a month are pay 12 different creditors. For me this was a better choice than bankruptcy. Make sure you do your research because it can have a negative effect on your credit.
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