I have gambling debts. What should I do?

First: stop it growing

Gambling debts tend to grow from the same idea: “one good run and I’ll sort it.” It is the most expensive trap of all, because every bet placed to win money back loses on average like any other. Stop gambling before anything else; the first steps are in How to stop gambling: what to do if you think you are addicted

And do not cover one debt with another. Payday loans, revolving credit and quick loans turn one problem into several, with interest that can exceed 20% a year.

Put the debt on the table

1. Make a full list. Who you owe, how much, at what interest and what you pay each month. Include family and friends.
2. Put essentials first. Housing, energy, water, food and anything with serious legal consequences come first.
3. Talk to creditors. Before you miss payments, ask for more time or a lower payment. It is often possible if you ask early.
4. Get advice before signing anything. Especially consolidation loans or companies promising to cancel debts.
5. Let someone help you with money. For a while, have someone you trust go through the accounts with you.

List below what you owe and what you can pay each month. You will see how long it would take and which order to pay in.

To work out what gambling has cost you in total: How much money have I lost gambling?

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