If you have a gambling problem you may sit down at some point and realize that the outstanding balances you have accumulated on loans and credit cards will reach soon reach a breaking point. This can be quite overwhelming.

If you’re going to start paying off these financial obligations then the only thing that will help is hard work and sound financial advice. The following steps can help you get back on track:

#1 Lose the Cards

This should be the first step. Credit cards are a huge part of the problem – and likely how you got into debt in the first place. While you fight to pay off your debt you don’t need to be racking up even more debt and interest charges.

Give them to a trusted friend to take care of for a while. That way you can still use them for purchases that you can’t otherwise make. Be clear with your friend and make sure they know the deal… you’re only allowed to use them for emergencies!

#2 A List

Put together a list of everything that you owe. Add your credit cards, store cards, loans, and any money that you may owe to casinos or any other gambling debts you may have accumulated. People often forget to include savings and money they may have set aside for their children’s college fund, that was instead spent on gambling. All of this counts and should be properly recorded in a list.

#3 Come Up With A Plan

Once you’ve figured out how much you owe – then you will be able to set up a payment plan for that debt. It’s not easy but if you work at, you can do it.

Start by paying off the debt that has the highest interest rates and go down the list from there.

#4 Make a Budget

Look at all of your incoming and outgoing funds that come or leave your household each month – things like: food, utilities, rent etc. Put these items into categories and calculate exactly how much you can spend on each category per month.

After that you should separate that much money into several envelopes and that will be the amount you can spend each month. Do not allow yourself to go over that amount!

#5 Get Help

There are a lot of places that can help. Check out the internet and look at some of the debt forums. There are websites that go over all of the possible debt solutions that might be available to you, including bankruptcy, IVAs, debt management, or even just simple budgeting. Contact your Citizens Advice Bureau too and talk to friends that have been in similar situations and see what worked for them.

The key here is to make an informed decision and get your life back on track.

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