Debt caused by gambling

[Joe Smith]

I am a 19 year old guy who has come into over $20,000 CAN debt over the past few years. My debt came from gambling over the internet with my three credit cards, and a loan I received. If you are wondering how I got this credit, it was a done by lying about having a full time job making $35,000 a year. I plan to go to college in September after taking a couple years off actually thinking I could bet for a living, and am currently working full time at $10/hr. I have come to my senses that I shouldn?t gamble again. The big problem is that I can?t get out of debt easily because I have expenses to pay and I also have to pay interest on my credit cards. I don?t seem to get any better with my financial situation, which has caused me to become stressed and frustrated over the years. I don?t know how much longer I can take this and I have come to the conclusion that an option for me is to declare bankruptcy. I don?t know if this is the best solution but, this seems to be my only way out. I know that I am at a very young age to do this but, it seems like the only thing within reason. I know that bankruptcy comes with a future cost consisting of no loans, no credit cards, and so on. I just won?t to know if the price I have to pay with bankruptcy, at my age, in my situation, is worth it.

Please don?t bash me or anything, I know this is just plan stupid what I did, but if I?m going to move on with my life I?m going to have to face hard facts about how I?m going to do it. Gambling is really additive and I will be going to Gamblers Anonymous as you can tell gambling has totally taken over my life. I basically would just like to step back and figure out what is the best action for me to take so when school comes back I can move on with my life and hopefully this will be the biggest lesson in life I will have to learn.

Thanks in advance for your feedback.

PS. If bankruptcy is the best action for me to take, what are the main factors I should know about what I will be doing with my life.

 

[NySportsfan]

Hey Joe, Im a young guy also who has had gambling problems in the past, just pay down the debt as soon as you can, it is a difficult situation, and get yourself some HELP, you are still young and have a whole life ahead of you, just get help, and start at the bottom and never gamble again, I dont know about bankruptcy but it really f's up your credit so I dont know if thats a good avenue, Best of luck to you

Mike

 

[THE KOD]

I feel for you as many of us have been in your situation at one time or another. Gambling with money we don't have.

The lure of the win is strong.

The credit cards are probably 19% or over so to pay this debt off making the minimum payment you will be about 45 years old. And
in the meantime you will struggle financially in just about everything you do.

Declaring bankruptcy is clearly something to think about. This will cost you about 700 bucks with a attorneys help.

All your debt can be taken off. In return for this you will have no credit or credit cards for 7 years. When that period is over you will have to build up credit again slowly. That will take you into your 30s.

If you can get two jobs and earn 30 k a year you should be able to pay the debt off in 5 years by paying twice the minimums on the cards.

All life decisions have consequences to face. Get some help and get back on the right track. Work hard and pay it off.
Don't give up don't ever give up.

If you go the bankruptcy route make sure you save money during the 7 year period. If you end up still broke after 7 years you have gotten no where in my opinion.

good luck

KOD

 

[big joe]

If you have anyone, perhaps a family member, that will co-sign a bank loan, you can set us a reasonable payment plan instead of your c-cards. If you get this loan, tear up your cards for good and try to pay off the loan.
Another option is a low-interest student loan.
I think B-ruptsy should be avoided unless you can't make these payments,,then maybe you should clean the slate and suffer the credit consequenses.
I've been where you are and I know how this can eat you up.
Do something quick and enjoy life again.
My best to you!!

 

[djv]

Have you ever posted here before under another name? I see This is your first one. But it seems we heard this story before.

 

[Wilson]

djv,

You hear this sooo much...because I think this is another of those that have been coattailing your picks.

 

[Fat & Sassy]

Wil's

LOL..... :142smilie :142smilie :142smilie

Joe Smith.....

Option (1) Try and get you're parents to bail you out of this, and grow up. ....
Option (2) File bankrupsy & grow up...
Option (3) Come sew button's for me in "Cell Block-B", and grow up....

I'm not bashing you.......


yet...........

 

[THE KOD]

I'm not bashing you.......

yet...........

...............................................................

Fats

When does it start ?

KOD

 

[Fat & Sassy]

...............................................................

Fats

When does it start ?

KOD

S A

That bashing thing posted at 3:20a.m. I honestly do not remember typing it?... What a pathetic attempt at humor... I'm such an A hole........

 

[Wilson]

pathetic is a good word...i would never..................

 

[GoTerps]

Joe Smith..use a debt consolidaton service. Call 1-800-915-0655 and ask for Sheila ext 125. That?s what I am doing. I haven't actually started the program yet so I hope they are legit but apparently they can really help you out.

 

[twofingers]

Option (1) Try and get you're parents to bail you out of this, and grow up. ....

From Parents everywhere, Thank you!