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How to Deal With Gambling Debt?

Gambling addiction is a serious problem in Australia. With gambling bringing in near to $20 billion dollars every year in Australia, you can say that there are more than just a handful of people who gamble in Australia. People with a gambling addiction, feed this fire through saving accounts, loans, and credit cards. However, the real question is not how to get over it, but how to pay back all the debt acquired because of this addiction.

How to Get Out

Gambling debt accumulates over the course of a gambler’s addiction and can pile up real fast; it often looks incredibly intimidating. That being said, the solution to every problem starts with the first step; so, in order to get out of the predicament that you are in, here are some tips to help you pay off your debt.

1.      Borrow From a Friend

While it may seem incredibly obvious that you are borrowing from a friend or family member to pay off your debts, it is often a very smart choice. Seeing how your loans from banks and companies are like sharks in the water, you can pay back your family members or friends when you are in better shape.

2.      Selling Your Assets

Selling your assets is one of the smartest things to do when you are neck deep in debt. If you are lucky you can sell them off at a profit, as most banks and loan sharks come for your assets when you are not able to pay off the loan. That is unless you already have to feed your gambling addiction.

Bonus Tip: You might explore the option of selling your assets. However, you can borrow cash against your car, or any other vehicle you own. Hock Your Ride allows you to get creditors off your back by advancing you money using your car as collateral, in a manner of speaking.

3.      Negotiate a Settlement Payment

Most creditors always have a settlement plan that you can take advantage of in order to rid your debt. If you are able to come up with a specific percentage of what you owe to them in a given span of time, they will be willing to let the rest of the principal go. However, most creditors are not that generous, so you should be careful.

4.      Make a List

Of the many people or companies that you owe money to, not all are in a state of emergency. This means that you can create a list to prioritize all your creditors. You may have debt on credit cards, or may owe money to a loan shark. By creating a list you can pay off your debt in a more organized way.

5.      More Jobs

If your assets aren’t enough to pay off your debts and taking another loan is not an option, then you will have to work another job just to pay it off. Although juggling two or three jobs just to pay off you loan may seem a little excessive, it is necessary nonetheless.

Conclusion

If all else fails, you can always file for bankruptcy, which should always be your last option when you have tried everything and nothing seems to be working. While it does have its own fair share of problems, it is a lot better than being in debt.

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