Debt Management For Gambling Losses

They had no cash left, John realized. He and his wife Lynn knew they had reached their limit with their gambling problem. They had been hoping for a big win to pay off the losses. But they could see that each bet had just been pushing them further away from that goal. Seeking help, they called our Consumer Credit Counseling Services (CCCS) agency to talk about their nearly $37,000 in gambling debts.

John and Lynn decided to enter a debt management program to help them pay down their outstanding debts. The educational component of the budgeting session with their local Consumer Credit Counseling Services (CCCS) agency taught them appropriate financial decision-making and sound money management. They can see how much they win each month just by checking their savings account balance.

The High Costs of Gambling

As John and Lynn learned, gambling can quickly lead to financial instability. Gamblers often hope that more gambling will create a "windfall" to help manage debt and solve financial problems. Can you answer "yes" to one or more of the following questions?

• Do you gamble with hopes of winning to paying off debts?
• Do you often gamble until your wallet is completely empty?
• Do you ever ask friends for money or borrow to gamble?
• Do you put aside money specifically for gambling?
• Have you sold items to pay for gambling?

The odds are against a win big enough to pay off gambling debt and household finances. An objective Consumer Credit Counseling Services (CCCS) agency can advise you on more realistic options for managing your.

Sources for Debt Management Help

If you've run out of money, don't resort to unreasonable sources for cash. It is important to distinguish between which sources will be helpful and which could worsen your debt problems. It is important to assess your personal situation to determine the best option:

• Gambler's Anonymous: This helpful organization has chapters across the country, listed at www.gamblersanonymous.org. Counselors can help in the recovery process, can walk you through creating a simple budget, and advise you about talking to creditors.
• A consumer credit counseling service: Trained financial experts can create a personalized budget and provide educational materials to as well as set up individualized debt management plans. A consumer credit counselor can work closely with you to build and maintain a strong financial recovery plan.
• Debt consolidation: Why not pay your smaller debts with one big loan? Manage your debt effectively by paying off your smaller loans first and only having to remember to make one monthly payment toward your total debt.
• Bankruptcy: Debt management experts say to declare bankruptcy only as a true last resort because you can't file again for another seven years.

Our NFCC–approved Consumer Credit Counseling Services (CCCS) is a non-profit agency created to help people better manage their finances. Debt management experts analyze individual finances, discuss available options and build a recovery plan that may include a debt management program. Credit counselors stay in touch to help maintain and update the recovery plan when necessary. Calling a Consumer Credit Counseling Service like ours today can help you pay off debt and start putting some solid winnings in your savings account.