17-Mar

Dealing with Gambling Debt

Gambling addiction is a serious problem in Australia. With gambling bringing in near to $20 billion dollars every year in Australia, you can say that there are more than just a handful of people who gamble in Australia. People with a gambling addiction, feed this fire through saving accounts, loans, and credit cards. However, the real question is not how to get over it, but how to pay back all the debt acquired because of this addiction.

How to Get Out

Gambling debt accumulates over the course of a gambler’s addiction and can pile up real fast; it often looks incredibly intimidating. That being said, the solution to every problem starts with the first step; so, in order to get out of the predicament that you are in, here are some tips to help you pay off your debt.

1. Borrow From a Friend

While it may seem incredibly obvious that you are borrowing from a friend or family member to pay off your debts, it is often a very smart choice. Seeing how your loans from banks and companies are like sharks in the water, you can pay back your family members or friends when you are in better shape.

2. Selling Your Assets

Selling your assets is one of the smartest things to do when you are neck deep in debt. If you are lucky you can sell them off at a profit, as most banks and loan sharks come for your assets when you are not able to pay off the loan. That is unless you already have to feed your gambling addiction.
Bonus Tip: You might explore the option of selling your assets. However, you can borrow cash against your car, or any other vehicle you own.

3. Negotiate a Settlement Payment

Most creditors always have a settlement plan that you can take advantage of in order to rid your debt. If you are able to come up with a specific percentage of what you owe to them in a given span of time, they will be willing to let the rest of the principal go. However, most creditors are not that generous, so you should be careful.

4. Make a List

Of the many people or companies that you owe money to, not all are in a state of emergency. This means that you can create a list to prioritize all your creditors. You may have debt on credit cards, or may owe money to a loan shark. By creating a list you can pay off your debt in a more organized way.

5. More Jobs

If your assets aren’t enough to pay off your debts and taking another loan is not an option, then you will have to work another job just to pay it off. Although juggling two or three jobs just to pay off your loan may seem a little excessive, it is necessary nonetheless.

Conclusion

If all else fails, you can always file for bankruptcy, which should always be your last option when you have tried everything and nothing seems to be working. While it does have its own fair share of problems, it is a lot better than being in debt.

While  online loans are convenient and give a lifeline out of desperate situations, make sure you can repay the loan to avoid financial problems.

If you are really in need of quick cash for personal expenses, make an online application with My Cash Online today.



*Disclaimer & Example: For our Small Loans of $2,000 or less, an APR (Annual Percentage Rate) doesn't apply. These loans are fee-based only with a term between 62 and 180 days, and so the APR is 0%. The establishment fee is 20% of the amount borrowed and the monthly fee is 4% of the amount borrowed. Representative example: a loan of $1,000 repaid over 3 months equates to a total amount payable of $1,320 comprised of $1,000 principal (amount borrowed), $200 establishment fee and $120 in monthly fees. The maximum comparison rate on loans between $300 and $2000 is 199.43%.
For our Medium Loans between $2,100 and $5,000, with a term between 2 months and 12 months, the maximum Annual Percentage Rate (APR) is 48% (Comparison rate 65.6597% p.a.) and there is a $400 Establishment Fee. A Medium Loan of $3,000 borrowed over 1 year would equate to a total amount payable of $4,289 (including a $400 establishment fee).

Under the current legislation, most small personal loan providers don’t charge an annual interest rate (you’ll know this as an APR %). The maximum you will be charged is a flat 20% Establishment Fee and a flat 4% Monthly Fee. The maximum comparison rate on loans between $300 and $2000 is 199.43%. This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

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