You have fallen into the trap of Internet gambling and have now accumulated thousands in credit card debt from these sites. You continued to chase thinking that you would eventually go on a winning streak, but all you have done is max out all of your cards.
You cannot afford to make payments on these cards and you have no idea what to do? What options do you have?
The first thing to address is the gambling addiction itself. And make no mistake, it is an addiction. While there are some people that can kick the habit on their own, most will continue to gamble regardless of how dire their financial situation becomes.
Before doing anything, it is recommended to seek professional help regarding the gambling addiction. This will be the first step in truly gaining control of this situation.
Next, it is time to take a look at your debt. If you cannot afford to pay all of your cards according to current arrangements, you should consider an IVA or a debt management plan.
The IVA, or individual voluntary arrangement, is a legal arrangement made between yourself and the creditors.
In many cases, individuals are able to work their way out of debt taking this route.
If the situation has become dire, many creditors are more than happy to work out arrangements that will enable you to pay back the debt with more favorable terms.
If the alternative it to collect nothing and see the debt wiped out in bankruptcy, they will take what they can get.
However, there are specific terms that must be met to quality for an IVA. You can find them by visiting our IVA page. http://www.debtconsolidationloans.uk.com/category/iva-individual-voluntary-arrangements
If you do not qualify for an IVA and would like to avoid bankruptcy, you could consider using a debt management service to help you with these problems.
Most of these companies have agreements in place with creditors to lower or eliminate interest payments altogether.
In addition, since they will now handle your payments, you only have to write one check per week. It makes it much simpler as you are trying to get your life back together.
Credible services will also offer some type of credit counseling for their fee. For some, the reason they started gambling in the first place was to try to get extra money to pay bills. The counselors will be able to sit down and evaluate the monthly budget.
In addition to working out more favorable credit terms, they may be able to better organize the monthly budget to ensure this does not happen again.
Keep in mind, the entire budget will be under scrutiny. You will be presented with ideas to save money and reduce your monthly costs.
For instance, it might be better to cut down your cell phone bill by eliminating a costly data plan and instead using a pay as you go phone.
Some things you consider necessary may be actually considered luxuries that you simply cannot afford at this time.
Regardless, they will do their best to get your finances straightened out and to get you on the road to financial recovery.