What to do about Gambling Debt

Lady Luck is really no lady at all. She is heartless and cruel. Once she has a person in her power she will destroy that person emotionally and financially. Stories abound of people gambling away a fortune and wrecking their lives.

The first step is to realize that uncontrolled gambling is a sickness. The desire to win easy money is a disease. All forms of gambling exhibit an air of excitement and promise of riches. The truth is that the excitement is short lived and the promise of riches is an illusion.

A gambling debt will not go away if a person continues to gamble. Very few people get rich as a result of gambling. Check out the odds of winning on the various forms of gambling. Those odds should convince a person that the chances of winning are extremely small. A person simply has to stop gambling and not add to an existing debt.

If a person cannot by themselves stop gambling then they need to seek help. This is no easy task. Look at the people who smoke, try to give it up, and fail miserably. They are addicted and find excuse after excuse to continue to smoke. A gambler is similarly addicted. The gambler is continually lured by the promise of a big win. The big win is just around the corner. Unfortunately the corner never seems to arrive. The gambler continues down the path to self destruction.

In short a person simply cannot afford to continue to gamble if he has any hope of dealing with a gambling debt. Once gambling has stopped ways and means of dealing with the debt can be examined. A gambling debt then can be considered to be no different to any other debt.

Most gamblers would have amassed a sizable debt. Look at that debt as a mountain that needs to be flattened. Realize that it is not going to disappear overnight. The urge to win a big amount to clear a debt  the easy way is very strong to a gambler. The gambler needs to know that this is not going  to happen. It has to be drummed into a gambler that  further gambling will only add to the debt. The gambler needs to continually look at the mountain and focus on how to flatten the debt.

A plan to clear a gambling debt, or any other debt for the matter, requires discipline and a goal. Discipline will see a reformed gambler each week deposit a set sum towards clearing the debt. The plan will see the debt clear over a period of time. The goal will see the debt cleared.

A reformed gambler will be weak. He will face temptations from everywhere. He will hear stories of other people winning huge amounts. He will the look at his debt and fret over the time is it is taking. Lady Luck will be goading him to solve his financial problems overnight with one huge win of his own. 

If he does succumb to gambling again what do you think his chances of success would be in clearing his debt with one lump sum from winning? Ten to one of winning? One hundred to one on winning? One thousand to one of winning?  Take it from a reformed gambler myself. Don’t bet on it.