Credit Card Debt, over spending, Got addicted to the casino I have close to or more 40,000 dollars in credit card debt.
Will a debt consolidation loan help me or make things worse?
Laura
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I agree with Boomerang. Trying to fix the short term financial issue is nowhere near as important as tackling the gambling additction.
Please get help fpr your addiction before you do anything else – you cant help yourself without professional addiction help – this is more important than anything else and should be top of your list – start with this and and ask for a referral for your money problems – the addiction folks will be used to this as most people seeking addiction help have debt. good luck.
Well congrats to you for taking the first step- that being your looking for help. I have lived and worked in Vegas for many years…and cant tell you how many people I knew who had the same issue. Hang in there you can do it
gambler anon would be a good start, I have also heard of people banning themselves from casino’s or any gambling establishments, if you can’t get in you can’t lose any more money
Laura,
Please, please call Gamblers Anon, it is a terrific organization where you can find other people in the same boat and get support! Here is the info and website you need to get all your questions answered! http://www.gamblersanonymous.org/ga/
Wish you all the luck in the world!
Laura,
That depends. If you are done charging and spending on the casinos and you have the available credit on terms that lower your interest rates and fees you might save money by consolidating your debts.
If you have not conquered your addiction there is no point in dealing with the old debt because you will just incur more debt. Please realize that your financial problem is the result of your real problem.
Once you have gotten counseling for your addiction and/or enrolled in Gamblers’ Anonymous and gone 60 days without gambling, it would probably be a good idea to call a credit counseling agency. You may find that bankruptcy is your best option or that you would benefit from a debt management plan or that you can manage your debt without assistance, but you should get good financial advice.
Do remember the old rule: you cannot borrow you way out of debt. If you don’t close the credit cards when you pay them off from the loan you are planning to borrow even more and you will eventually crash.
Good Luck!