Where to Turn When Gambling Debt Gets Out of Hand

Most Medicine Hat bankruptcy lawyers will provide free consultations and let you know whether or not bankruptcy is a good option for you or not.

Regardless of where you turn to help you with your gambling debt, whether you opt to manage it yourself or go to a professional organization for assistance, it’s important to get help for the root cause of the problem–the gambling itself. Steer clear of any organization that requires large fees or asks you to make your debt payments to them.

About Krista McDonald

Credit Counseling

Debt consolidation

Professional Help for Gambling Debt

There are many gambling support groups, including Gamblers Anonymous and Recoveries Anonymous. Not only do these groups help support their members through gambling recovery, but they also provide counseling and tips for getting debt under control. . If you opt for credit counseling, make sure you go with an organization that is accredited and non-for-profit. They then arrange for you to pay them one monthly payment and distribute it to your debtors accordingly. With this method, you take out one loan, which is used to pay off your debts.

It’s also important to note that some gamblers incur gambling debts from disreputable lenders or loan sharks. In this case, a number of resources exist to help you handle your gambling debt:

Credit counseling organizations, such as Credit Counseling Canada, work with people who are in debt to help educate them in paying down their debts and managing their finances. While you don’t lose everything in a bankruptcy, you could potentially lose your home (or at least a significant portion of the equity), your vehicles, and other possessions, depending on the Province in which you reside. If you are threatened by a loan shark or other lender or otherwise feel harassed, it’s important to call the police. Once you overcome your compulsive gambling, you will be better prepared to take control of your finances. Learn how Bankruptcy Trustee can help you today with filing bankruptcy in Calgary. When you file bankruptcy, you agree to give up the majority of your assets to a trustee assigned to your case, who is turn sells them to settle your gambling debts. From there, you make one payment each month.

Debt consolidation is a way to combine your debt into one monthly payment as opposed to multiple payments each month. This is different from a debt consolidation loan because the debt consolidation company does not loan you money.  It’s important to weigh the pros and cons of debt consolidation before opting for it. Often, under-the-table lending is not covered under bankruptcy laws and is frequently coupled with very high interest rates.

A debt consolidation company can also work on your behalf to negotiate lower rates with creditors or to freeze interest rates. In addition, support groups can also guide you to reputable outside sources, including debt consolidation or debt counseling companies, which can also help you with your financial planning. Stop by Bromwich & Smith, Inc.’s site where you can explore their educational resources.

Bankruptcy

This should be the very last resort.

Support group

If you are experiencing a number of financial warning signs, or if you no longer have money left over each month to pay the bills, your debt may truly be out of hand

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