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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.
Identifying Gambling Pitfalls to Avoid the Ultimate Addiction
Riches to Rags Overnight
Most paupers were once a successful person. It is a reasonable assumption that nobody aspire to be a bum. These vagrants were successful in their own way until they succumbed to the weight of social or economic stress and walked into some form of escapism. With fortune being won and lost at the gambling table overnight, the vice of gambling addiction can demote the opulent to beggary. Unlike other addiction, gambling is the top wealth drainer. It is also the greatest addiction.
Learning to Avoid the Pitfalls
The rationale behind looking at the gambling pitfalls under the scope of gambling tips follows the analogy of learning to fall to skate. The skills involve in falling the right way will keep you from injury. Likewise identifying the pitfalls in gambling and making a conscious effort to avoid it will prevent you from becoming a gambling disaster. Here are the six deadly pitfalls in gambling.
The Discontented Gambler
The discontented gambler harbor vengeance. It resulted from soreness when losses happen. Even though gamblers had taken losses gracefully under regular situations, there will be the odd occasion that gamblers will feel indignant about their losses. As resentful feelings build up, attempts to get even will be the next course of action. Such sentiment will burdened decision-making and impair judgment. Vengeance met with a string of losses would further frustrate the problem. Curb this feeling before it gets too big to manage.
Gambler’s Rage Mode Triggered
Continued provocation would enrage anyone. This was the time revenge was sought at all cost. In gambling the violent aspect of rage is silent but unfortunately the uncontrolled part exists. Regardless of losses incurred, gambling will continue until perceived justice had taken place. By definition rage is beyond control and in practice such intense emotional fit would not disintegrate at will. The only way handle rage is to take note of its symptoms and leave the casino when you see it brewing up.
Chasing Gambling Losses
Chasing losses is similar to salvaging a relationship. As long as perceived opportunity to mend the affiliation exists, the pursuit will continue. There will always be some emotional attachments in losing money and the same applies to letting go of a mate in a relationship. The strength of this attachment will decide the degree of hysteria in the chase. In order to avoid this problem, losses are best buried as history at the end of the session. Gambling only amount you can afford to lose will also decrease the emotional attachment of losing money.
Gambling with Borrowed Money
Gamblers who run out of money would go to their credit cards as the first source of borrowed money. This would be gambling money you do not own and it is a symptom that gambling had gained a superior control over you. A gambler could only afford to lose money that would not affect their livelihood. Once you lose more than your excess cash you had started to develop a gambling problem. The addiction had already taken a first bite at you. Be discipline to keep losses within your excess cash or gambling will ruin your life.
Gambling with a Burden
Some people use gambling to solve their financial troubles. Each time they approach the gambling table they carry this burden with them. The encumbered mind will jeopardize decision-making and it is common that gambling to ease money problems would only create more problems. If you are tight on cash then you can’t afford to lose and should avoid gambling.
Gambling for the Thrill of the Stake
Gambling for thrill of having a stake is a sign of gambling addiction as fun and excitement is very addictive. The addiction becomes a problem the moment losses outpaced the winnings. Those blessed with a string of beginner’s luck are most prone to this destructive habit. The moment you find yourself uneasy unless you have a wager, it is time to stay away from gambling for a long time to shake off this habit.
The Swimming Lesson Analogy
The skating analogy does not suit gambling because you do not learn to experience the traps to gamble responsibly. Contrast gambling with swimming. You don’t learn to drown to learn swimming. Once you have drowned, you will not learn to swim. You are either death or the phobia keep you away. In gambling, you must study the pitfalls careful so that you can avoid them. Hands on training for the traps are not required. Once you caught there is no second chance.