Tag Archives: debts
How to Recover from Gambling and Debt
There are many reasons why people fall into the trap of bad debt and one of them is gambling addiction. Sadly, some may not realize the problem until there is no other solution left but to file for bankruptcy. True enough, what may start out as a hobby can turn into a harmful addiction which can bring great damage physically, emotionally, and financially.
If you find yourself struggling with gambling addiction, what can you do? Consider the following advice on how to get over gambling and bad debt:
Recognize the problem. At first, it may be hard to admit that there is a problem but recognizing the true cause of your bad credit situation is the only way you can work out a solution. Below are questions that you can ask yourself to recognize gambling addiction.
If you answer yes to these questions, you may have a gambling addiction and you should take a positive step quickly before things get worse.
Has gambling become a daily part of your routine?
Do you borrow money just to be able to gamble?
Do you find yourself using your cash on gambling instead of buying necessities or paying an important bill?
Do you get into fights with family members or friends because of your gambling habit?
Have you ever sold anything to support your gambling?
Do you feel like your day isnt complete until you have gambled?
Set your priorities. You need to set straight your priorities. If you have been behind your payments, you need to spend your money on the most important things. Do not use gambling as an excuse to pay your debts with your winnings. No one should depend on gambling to solve a debt problem as doing so can only worsen your bad debt situation.
Seek professional help. Since gambling addiction is a behavioural issue, seeking professional help is recommended. Instead of trying to solve the problem on your own, its best to get assistance from a trusted credit counselor or from organizations that offer rehabilitation help for people with gambling addiction.
Consolidating debts. For extreme cases of debt, acquiring a debt consolidation loan may be recommended. However, keep in mind that taking out a loan to pay your debts is only the first step. In order to completely be free from debts, you must be able to keep up with your repayment obligations to your debt consolidation company.
Your credit counselor may also advise you to enrol in DMP or Debt Management Program where you will submit payments to the agency who will distribute your payments to your creditors. Nevertheless, the success of this arrangement will still depend on how well you can keep up with your payments.
Expect challenges but be determined. Fighting the urge to gamble can prove to be a very challenging task but no matter how difficult it is, be determined to do what it takes to control your addiction. Focus on your job and other beneficial activities to keep your mind off from gambling.
Lottery Winnings and State Owned Debt
Lottery Winnings and State Owned Debt
Do you owe money on a student loan? Back child support? Back taxes and other debts? Then the North Carolina Lottery is definitely not for you! North Carolina sold its first lottery ticket in March 2006 and since then the state has collected $1.3 million in back child support, delinquent student loans, back taxes, and other debts including medical bills owed to state and local hospitals. Under North Carolina state law the lottery is required to check to make sure winners do not owe the government any money.
204 state lottery winners have paid over $274,000 in back child support since the North Carolina lottery was started. North Carolina lottery officials say that student debt and unpaid medical bills are common among lottery winners. Alice Garland, a spokeswoman for the North Carolina state lottery says that most lottery winners indicate that they are willing to pay their debts voluntarily. When asked what they will use lottery winnings for, most winners say that paying off their mortgage is their top priority.
For some lottery winners only a few hundred dollars are taken for debts while others have seen their entire jackpot confiscated by the state. Ms. Garland said that some winners who had their lottery winnings garnisheed were actually relieved to have past debts settled. One winner who won $100,000 on a scratch off ticket was happy his children were going to get the back child support he owed.
Of course many lottery winners are less than pleased to have their winnings seized. One $35,000 winner who walked out of the lottery office with nothing wondered aloud which former wife would get the money. Many state lotteries routinely check for state owned debt which includes back taxes and child support so it is wise for lottery winners to check the policies of the lottery in the state where they will collect their lottery winnings.
Several states are considering the possibility of offering online lottery tickets. Players could log on to a state website and make an online lottery purchase. Computer technology could also allow the state to check winners against a database of those who owe fines, back child support and other debts. Lottery players could also check for the latest lottery results and winners could be notified by email. Most players say they would appreciate the convenience that the ability to buy online lottery tickets would bring. Online lottery tickets would eliminate the need for a trip to a lottery retailer and most players would welcome the move online.