Problem gambling is an addiction that can destroy one's life and those of his dependants. This addiction can affect any area of life, particularly health and work. Many problem gamblers incur great financial debt due to irresponsible and compulsive wagering. After you or your loved one have dealt with the problem gambling itself, there are measures debt relief measures you can take to get any damaged financial situation back on track.
Seek Gambling Cessation Assistance
First and foremost, you must seek help for your problem gambling. This is paramount to permanently relieving any debt that comes as a result of the addiction. You may incur greater or new debt if you are still gambling compulsively while undertaking any debt relief solutions. Consider Gamblers Anonymous for faith-based assistance with quitting compulsive gambling for good. Contact the National Council on Problem Gambling if you are not interested in faith-based gambling cessation assistance.
Debt Management and Credit Counseling
Consult a debt management counselor or credit counselor to assist with debt recovery as you continue to cope with personal problem gambling. Either type of counselor can help you come up with a simple budget, as well provide added assistance holding you accountable during problem gambling recovery. You and your counselor will devise a debt management program that includes a strict, disciplined financial regimen. Ultimately, your counselor will help guide you to a path of financial responsibility whereas you are saving money and applying it to healthy goals instead of gambling. This support may be invaluable to you as a supplement to that which you are receiving from addiction management personnel and loved ones.
Bankruptcy
Consider bankruptcy as a last resort for debt relief. Only file for bankruptcy if your debt is insurmountable, even with great financial discipline. Bankruptcy should only be viewed as an emergency solution if problem gambling has rendered you otherwise without options. Keep in mind that you will not be able to file for another bankruptcy for 7 years after you have undertaken one. This leaves you very little margin for error as you recover from problem gambling and try to reconstruct a life based on financial responsibility. Discuss your interest in bankruptcy with your debt management or credit counselor before following through with any related paperwork.
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