Gambling is one of people’s favorite activities that helps relieve stress and also provides entertainment. With the availability of the Internet, online casinos like Spinia makes gambling so easy.
For some individuals, it can become a problem. Problem Gambling is a mental disorder that causes an uncontrollable urge to gamble in an individual. An estimated five to six million people are considered to be problem gamblers, with fifteen million others at risk. Like every other addiction, problem gambling can cause major effects on ones personal, family, professional and financial life.
Financial difficulty is a common consequence of gambling addiction. Gambling Debt can quickly add up and destroy one’s financial life, even for people without the addiction.
Here are some ways to address and crush your debts today.
Acknowledge your addiction
The first step is acknowledging that you might have a problem and making the choice to deal with it. Like every other abuse disorder e.g. alcohol, tobacco or drugs, gambling can also become a problem.
Gambling disorders can cause harm to not only you as a gambler, but to family and friends around. The need to lie about how much you gamble to friends, family and coworkers could be a tell-tale of addiction. Make the decision to treat it and get straightened out. You will need to quit gambling
Cut off Gambling
As soon as you’ve acknowledged your problem, you need to quit running up gaming debts as soon as possible.
There are numerous helplines and treatment centers for people with gambling addiction around the world, getting help can assist you to stop adding to your debt.
Be sure to talk to friends and loved ones for support through the process, it could be the key to staying motivated throughout the journey. You can also join support groups to help you work through problematic behaviors. Getting advice from some who had a similar experience that you can relate to will be beneficial.
All this process aims towards holding you accountable and encourages you to stop adding to the debt. You should also consider filling the gambling void with other entertaining activities like outdoor games, movies or other hobbies.
Figure out how much you owe
Like every other debt, you often owe multiple people or creditors. Add up what you owe and develop a plan to pay back. A debt payoff plan is very important to know where you stand.
List all your loans; who you owe and that includes loan sharks, credit cards, personal loans, and casinos, and the total amount you owe each of them alongside the interest rate.
Consider your option to pay back
Now that you know how much you owe, it’s time to pay off as much as you can. Consider your options and ways to earn extra money to pay down your debt.
You can start with cutting your monthly expenses, review your income and expenses and make amendments. If possible, reduce what you pay on services or products, cut out unnecessary spending, and redirect the extra money toward paying down gambling debt.
Selling some items, especially some of the things you no longer use can raise some amount. You can consider selling some of your valuables like jewelry and electronics, things you no longer use. Sell these items and apply the money to your debts.
Another option is to get a second job to boost your income. You need a steady, predictable job, like a part-time job for extra income. A second job can help you earn more money to pay off your debts.
Carefully think about your plans and how helpful they are in reducing your debt. With a combination of these strategies, you should be able to recover from your gambling debt faster.