If you have realized you have a gambling problem and have accumulated debt, now is the time to act. Above all, do not fall into the trap of borrowing money to go gambling to pay off your debt. Financial haemorrhaging will then begin and the hope of winning big to pay off creditors is completely unrealistic. (link article on Erroneous Beliefs)

Fortunately, there are solutions to taking control of your financial situation.

How do I put a stop to debt?

Whether your debt is minimal or substantial, you must put an end to the vicious cycle of borrowing. Never forget that the situation is not hopeless, you can resolve it. If you are worried and panicking right now, ask for help before gambling. If you are not ready to talk to someone about it, we suggest you consider the following measures.

Tackling your gambling debts, it starts here:

• Stop gambling (above all, never go back to try and recoup losses)
• Take responsibility of your debt by contacting a budget counselor or a bankruptcy trustee. Your local Association coopérative d’économie familiale (ACEF) is an organization specialized in personal finances and consumer protection.
• Make arrangements with your creditors and commit to paying off part of your debt. It is the first step towards regaining your self-esteem.
• If necessary, find a part time job. On top of contributing to clearing your debt, working will fill up your free time and help you move forward.
• Talk to someone reliable who will listen and support you. It could be a family member, a loved one, a friend, a colleague or your life partner. Otherwise, our helpline is there 24/7.
• Ask someone trustworthy to hold on to your credit and bank cards for as long as needed.
• Destroy your credit cards, if need be.
• Protect your assets by transferring deeds and titles in your partner’s name.
• Limit the amount of accessible cash. Here is how :
  • Ask for direct deposit of your paycheque.
  • Close accounts with cheques and bank cards.
  • Use an account that requires two signatures for withdrawal.
  • Set a daily limit for withdrawal.

Making a budget

To restore your finances, it is important to make a detailed budget of your expenses, debts and income. To make managing all this easier, you can use budget software or mobile applications.

How much do you spend?

1. Make a list of your income and expenses. You can use banking services via telephone or the internet to track your balance on a weekly, even daily, basis or you can obtain a statement of your latest transactions.
2. Plan exactly how much you need to spend on bills, food, transportation and other essentials in order to calculate the remaining amount. Plan to put that money aside or money you have not gambled in a while.
3. Do not forget annual expenses and important one-off spending like clothes, furniture, house maintenance, etc.