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.
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.