Gambling and Debt

Gambling addiction is a compulsion that is very difficult to overcome. It will probably come at no surprise that when gambling behaviors are out of control, debt, unfortunately, follows in the same pattern.
The following pieces of advice will help guide you through these issues.

Treat the gambling problem.
The first step in treating your gambling debt is to treat the underlying problem at hand – the gambling addiction. Whether you seek professional help, or attend a community support group, this is the most significant stage in eliminating your gambling debt. This will probably be the most time-consuming and challenging part of the entire process, but don’t give up!

The solution is NOT more gambling.
You’re now at the stage where you have sought professional help and you are on the road to recovery. However, more often than not, people believe they can gamble just once more and win back all their debt. First of all, the likelihood of this is extremely slim and in addition, this slip back into gambling will only worsen your debt and your frame of mind. Take it from us – do not gamble your way back into more debt.

Destroy your source of gambling funding.
Next to treating your gambling problem, this will most likely be the next hardest stage in the overall process. You must get completely rid of whatever form of payment it was that you were gambling with. Whether it was your credit card or debit card – throw it away, cut it up, freeze it, burn it, do whatever you need to do to get it away out of your hands. If necessary, get someone close to you to do this for you. No access to money = no money to gamble with.

Restrict your withdrawals.
Of course getting rid of your credit/debit cards is a great way to prevent you from spending money, but who is to stop you from going to the bank and taking out money? Therefore, a good idea would be to ensure that two signatures be required when withdrawing cash from the bank. This way, you won’t be the only one in charge of your withdrawals.

Get a second job.
Depending on how much debt you have accumulated, it may be wise to get another job to pay off this debt faster. Having a second income will give you piece of mind.

Seek professional help from a licensed insolvency trustee.
If you find that managing and restructuring your finances on your own is too much to handle, seek advice from a licensed insolvency trustee. These professionals know what’s best in these situations and will guide you along this journey.

Our team has extensive experience in addressing these issues so feel free to email or call us at 416 736 4357 (HELP) to book a free, no obligation consultation with one of our debt solutions’ experts. Make an appointment today, specifically tailored to your situation. We look forward to assisting.