When The Chips Fall: Gambling Addiction and Credit Scores
As luck would have it, gambling and debt go hand in hand! So what if your hand falls short? Nearly 23 millions Americans lose and fall into debt- losing an estimated $55,000. What happens when you’ve run out of cash and all stashes have hit zero? Once you have exhausted all resources you may realize you have run into a real problem-addiction.
Gambling Addiction:
The first step here is taking care of yourself and the addiction. If you do not get a grasp on the addiction first you may never hit the root of the real problem. As cliche as it may sound, admitting you have a problem is where one must start.
But what is next?
- Make the decision to say no-While still considered a substance abuse disorder, gambling is still something to take seriously. It is very important to have a great support system around you when making the decision to quit.
- Close credit cards funding gambling-Request that your bank require two signatures on withdrawals and have an accountability partner that will not allow you to take that money out to gamble with. This will ensure that you are thinking twice before spending and funding the habit.
- Find a support system-Looking to get help for this addiction is hard. Find a support group like GA (Gamblers Anonymous) which is beneficial and a step in the right direction. Recruit the support of trusted friends and family that can help you work through the issues and will not enable or support the addiction.
Paying Gambling Debt:
Hitting rock bottom is scary. What may be even more scary is thinking about your current credit scores. Pull a credit report here for $1. If your credit report is showing numerous derogatory accounts, debt negotiation may be your best, last “bet.” The attorneys at Credit Law Center have years of experience negotiating debts. Their extensive negotiating experience with banks, collection companies and collection attorneys has helped many of our clients save thousands. Their goal is to negotiate the debt as low as possible out of court and get the case dismissed.
Bankruptcy:
This is not always the best or only option out there. There is no guarantee your debt will be discharged. This option needs to be discussed at great length due to the impact it has on your credit score. To determine if you should file for bankruptcy, collect and add up your bills and credit statements. If the value of your assets is less than the amount of debt you owe, filing may be a great option. Again, this step should not be approached lightly.
May the odds be in your favor-
Financially speaking, this is a big hole to fall into and few recover from quickly. Embracing a new lifestyle free from addiction is tough, but surrounding yourself with a team that is willing to get you back to financial stability is a must. When gambling debt occurs, more often than not, the debt goes deeper than just money owed to the casinos. If you have run into a turn of bad luck and collection companies are attempting to track you down, please reach out to one of our Credit Advisors today. We would love to help get you back on the right path. 1-800-994-3070
A note from the author:The opinions you read here come from our editorial team. Our content is accurate to the best of our knowledge when we initially post it.
Article by Breana Washington
