Problem gambling can often lead to large amounts of debt or even bankruptcy, and can have a damaging effect not only on the gambler's financial situation, but on the family's finances as well. Fortunately there are ways to get debt under control and keep money protected.
Remember that no situation is helpless - there is always a way out. Worrying and panicking about finances will not help, and in fact, can be a trigger to gamble again.
If you are faced with excessive debts, here are some things you can do to help:
do not gamble to try and get out of debt
take responsibility for the debt. Contact a credit counseling service or a Bankruptcy Trustee. Make a "proposal to the creditors" and pledge to repay a portion of your outstanding debts. This will be a first step in re-establishing your self-esteem. Take a part-time job if necessary to repay the debts. This is a penance that will occupy free time and help to keep you from looking for a quick out. It's tough but it feels great when you finish.
talk to someone supportive and trustworthy about the problem
ask someone trustworthy to look after bank cards and credit cards for a period of time
if necessary, destroy credit cards
protect your assets by transferring property titles and other assets into your spouses' name
limit the available amount of cash on hand by
have wages automatically deposited into bank accounts
don't have an ATM card or cheques for bank accounts
use bank accounts that require two signatures for withdrawals
