Latest Posts
Home > Ask The Get Out of Debt Experts > I Am a Compulsive Gambler in Debt. – Delia

I Am a Compulsive Gambler in Debt. – Delia

Delia

“Dear Steve,

I’m a compulsive gambler. I identified my addiction a year ago and have been attending GA meetings faithfully for the past six months. The meetings are helping but in the past three years I had borrowed so much money to gamble that I just can’t seem to get caught up. The majority from family and friends. I lost my home through foreclosure and am currently renting. The financial stress to repay these debts has me considering going to the casino again after six months abstinence; to try and win enough to pay everyone off.

Is there anyone that will help me financially? I have a good paying job but my credit is trashed. Don’t get me wrong. I don’t want to get out of paying my debit. I want to repay it all, no ifs, ands or butts. Is there a way to borrow enough to pay off these personal loans all at once and then make one monthly payment? It sure would help. Thank you.

Delia”

Don’t miss our free Get Out of Debt – “How To” Guide Series on a number of topics, for loads of practical advice, tips, and help to beat back debt. – Click Here

The Answer

 

Dear Delia,

I’m proud of you for recognizing and dealing with your compulsive gambling. Going to Gamblers Anonymous (GA) meetings and having a sponsor you can lean on can be an important step in your recovery.

From my experience in working with people in the same situation, the level of bad debt that follows you is huge. Gambling debt is a classic example that debt is often the symptom of underlying issues and not just plain old debt. In fact I’m not even sure if there is plain old debt.

You’ve used gambling in a similar way that other people use shopping, as an entertainment and stress reliever. You also recognize that the stress of your financial situation is leading you back into those temptations of wanting to gamble again. And unless you deal with the debt in some constructive fashion, the odds of the pressure bringing you back to the casino are pretty good.

Nobody is going to give you a loan for this mess. And anyone that says they will is going to be a scam that will take money from you for a loan you are not going to get. You have no credit or collateral to pledge as security for a loan.

I think your best bet is to file bankruptcy as soon as possible. Contact a local bankruptcy attorney and go in and talk openly and honestly about your situation.

There is nothing that says that since you go bankrupt that you can’t latter repay family and friends, or even creditors, for the debts you owe them. The advantage of bankruptcy in this situation is that it will help to address the underlying stress that is leading you back into temptation. You have a better chance of recovering from your addiction without this stress of debt you can’t repay.

At one time some Las Vegas casinos were referring people to me that we suffering with excessive debt from gambling. These people also owed the casino for their adventure as well. It took me a while to figure out why I was getting the referrals, since the casinos were not open to a repayment plan for the debt the gambler owed to the casino. I guess they could say they cared about gamblers in trouble and sent them for help. The ultimate solution then and now in this situation is bankruptcy, the casinos just didn’t want to say that themselves.

Once you do go bankrupt, you need to lean on GA and your sponsor even more. Bankruptcy does not repair your gambling addiction. And I humbly suggest that you work with your sponsor or a Debtors Anonymous sponsor to come up with a plan to repay your family and friends at least, over time. It’s your addiction and accepting responsibility for consequences it has created will be part of your longer recovery.

Big Hug!

I Am a Compulsive Gambler in Debt.   Delia
Get Out of Debt Guy – Twitter, G+, Facebook

I Am a Compulsive Gambler in Debt. - Delia by

Share This and Spread the Word

About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
  • Casting

    Are you an expressive woman who somehow took a wrong financial turn and have no idea how to find your way back? Does the secret of your compulsive spending affect every aspect of your life? Is your debt or your spending, your gambling or your loans, preventing you from having honest relationships with your loved ones as well as financial freedom for yourself?

    If this description fits you or a woman you know, who appears to be in their 20’s-40’s, contact us.
    A team of world-renowned psychologists who specialize in debt therapy and rehabilitation are here to help you with a new docu-series soon to be in production.

    We are looking for people who:

    Have extreme debt they are hiding from their loved ones, which puts an insurmountable strain on those relationships. Essentially, someone “cheating” with money!
    Parents and spouses who enable their loved one to be fiscally dependent on them every day and every which way (i.e., not forcing them to get work, housing them during their addiction to spending, etc.) because they want to keep them close and maintain control.
    Are you affected by a spouse who has money but won’t spend it on the important things in life? Are you being denied what could be easily afforded or even some of life’s necessities by a Scrooge? Is your family crumbling from the effects of this financial hoarder?
    Workaholics who refuse to leave the office or turn the blackberry off long enough to enjoy their hard earned cash (and time with their family)! A family being destroyed by an over worker!
    A woman who is entirely spoken for and financially “kept” by her boyfriend or husband. She likely has no credit to her name, no bank account in her name, and was bullied into taking his last name! Her husband keeps her from financial independence, even going so far as to sabotage jobs or her attempt to get jobs. Now she’s stranded with no way out of this financially abusive relationship!
    If you know someone who is stuck in any of these situations, and desperately needs the help of a proven specialist, please give them our information and have them contact us (or contact us yourself) as soon as possible. We can help. And we want to!

    Email us at [email protected]

  • Casting

    Are you an expressive woman who somehow took a wrong financial turn and have no idea how to find your way back? Does the secret of your compulsive spending affect every aspect of your life? Is your debt or your spending, your gambling or your loans, preventing you from having honest relationships with your loved ones as well as financial freedom for yourself?

    If this description fits you or a woman you know, who appears to be in their 20’s-40’s, contact us.
    A team of world-renowned psychologists who specialize in debt therapy and rehabilitation are here to help you with a new docu-series soon to be in production.

    We are looking for people who:

    Have extreme debt they are hiding from their loved ones, which puts an insurmountable strain on those relationships. Essentially, someone “cheating” with money!
    Parents and spouses who enable their loved one to be fiscally dependent on them every day and every which way (i.e., not forcing them to get work, housing them during their addiction to spending, etc.) because they want to keep them close and maintain control.
    Are you affected by a spouse who has money but won’t spend it on the important things in life? Are you being denied what could be easily afforded or even some of life’s necessities by a Scrooge? Is your family crumbling from the effects of this financial hoarder?
    Workaholics who refuse to leave the office or turn the blackberry off long enough to enjoy their hard earned cash (and time with their family)! A family being destroyed by an over worker!
    A woman who is entirely spoken for and financially “kept” by her boyfriend or husband. She likely has no credit to her name, no bank account in her name, and was bullied into taking his last name! Her husband keeps her from financial independence, even going so far as to sabotage jobs or her attempt to get jobs. Now she’s stranded with no way out of this financially abusive relationship!
    If you know someone who is stuck in any of these situations, and desperately needs the help of a proven specialist, please give them our information and have them contact us (or contact us yourself) as soon as possible. We can help. And we want to!

    Email us at [email protected]

  • http://www.thedebtgazette.com/ Frank Fitton

    I’m pretty familiar with the GA program, and they have what is called a pressure relief group. Contact one of the trusted servants in your group and tell them that you would be interested in a Pressure Relief Group Meeting. They will steer you in the right direction.

Get My FREE Get Out of Debt Guy Newsletter

It is the smart thing to do.

I promise to keep your email safe and secure.

Close

I want to keep you posted each weekday with just one email about the latest get out of debt news, scam alerts and information to beat back debt.

You can unsubscribe at any time with just one click.

After you subscribe, check your email to confirm your subscription. If the confirmation email does not appear in your inbox in a few minutes, check your spam folder for it. Sometimes it likes to annoyingly hide there.


  • It will keep you posted on the latest scams.
  • You will be alerted to the latest articles.
  • You will wind up smarter than everyone else dealing with debt.