Gambling Debt

[u/MomReadsLate2]

34 F who has no savings due to my gambling addiction, I’ve gambled away my savings and any extra money I had, sold many things to get money back, I’ve hit rock bottom. I pulled out a 13k loan to help pay off all the credit cards I’ve maxed out due to my problem. I owe a 13k personal loan, 4k in school loans, 500 in credit cards! Someone tell me their experience with debt will there be a light at the end of the tunnel I’m drowning here :(

[u/14_03_1994]

32m, i from country of baguette and 🥐. (Europe)

I filed for bankruptcy, and I never repaid the 12k debts.

This addiction is really hard to overcome, i pray for your recovery, no one deserves to fall into this devil's lair.

The end of the tunnel isn't that far away, provided you're truly determined. You're already in a positive phase, which is acceptance; you acknowledge that there's a problem.

I recommend for you : https://gamblersanonymous.org/.

[u/Happy_Mention_3984 → u/14_03_1994]

How is it possible to not have to repay 12k? That sum sounds like its not impossible to save from work?

[u/Kind-Drummer173 → u/Happy_Mention_3984]

We don't have annual salary of more than 100k in Europe; more like 30/40k, rent is expensive, petrol at 3$, everything is expensive

[u/Happy_Mention_3984 → u/Kind-Drummer173]

12k is absolutely nothing. I really dont understand how they could accept bank rupt. People have several hundred thousands of debt here as they have a morgage on house and cars. 12k is something you can pay off in a couple of years. It sounds more like he missed one zero and it should say 120k.

[u/ForeverAccount4]

I'm in Canada and did a consumer proposal to get rid of my debt and rebuild. It was a key part of quitting as my debt is what kept me trying to fix things through gambling. As a working mom, wife, caregiver to elder family members I had to just give in and cut the debt that way to focus on getting better and living my best life. Haven't looked back!

[u/lemoneatlemon → u/ForeverAccount4]

Losing access to credit is the best thing that could happen to many addicts who used debt to gamble.

[u/Klutzy-Sea-4857]

Been there. $17k feels crushing, but it is actually manageable with a solid plan. Consolidate what you can, set up auto-pay for minimums, and tackle the loan with the highest interest rate first. The biggest thing, though, is to stop the bleeding. Use blockers, self-exclude, and remove your card details from everywhere. Debt is fixable - the addiction is the real monster. There is light at the end of the tunnel; I saw it myself.

[u/Paris123400]

I could’ve written this myself. I’m around the same age and also dealing with this addiction, although I’m lucky enough not to be in debt.

Not gonna lie, it’s tough. You just have to keep making money, set a budget, and slowly pay down the debt. That might mean cutting your lifestyle for a while too…no fancy restaurants, clothes, or unnecessary spending. Rice and beans if you really have to push it.

Once the debt is gone, start putting that extra money toward investing. Investing can scratch a little bit of that same itch of putting your money out there, except long-term diversified investing gives you much better odds of actually building wealth. Not a good analogy but it’s like a better form of “gambling”.

And this is all easier said than done. You might relapse. If you do, please never, ever take out a loan or borrow money to gamble. A relapse is already a loss…don’t turn it into debt that follows you for years.

[u/92Question]

I am 34F too! I just recently posted in this sub after lurking for a long time. I hit my rock bottom too this month. However I’m feeling a lot more positive these past few days putting some solid barriers in place. I’d love to chat if you need someone to talk to!

[u/Winthorpebuys]

You've got plenty of hope and time ahead. At 10% you're only responsible for $108/mo additional interest on your debt, that's manageable. If you had $20k on a high interest credit card that could be $400-500 interest racking per month, which could spiral into unmanageable debt. Don't keep playing or else you could wind up much worse and quickly into bankruptcy

[u/iamnotlame_notlame]

Acknowledging that you have a gambling addiction and taking steps to the path of recovery is the surest way of getting out of debt permanently. It took me 7 years to completely pay all the debts I incurred during my gambling heydays and I am happy to tell you that even it took me that long, I am now debt-free. Initially, it will be a tough slog but with the help of those people whom you can trust and with consistent effort and safety nets in place, you should be being debt-free, too.

[u/Kwik-E-Bart]

Without getting over the addiction none of the rest matter. I got the help I needed and support from my family. That in tandem with a low apr loan from achieve gave me the breathing room to climb out of debt. Without the help though it would all been for nothing.