An online casino gambling debt is similar to other kinds of debts. Some individuals who play online casinos borrow funds from investment portfolios, creditors, credit cards, individuals or savings accounts, aiming to fund one big online bet. But if luck is against them, the situation may turn into a pile of debt. The following are some of the strategies to embrace to repay back the debt:
Note Down Who You Owe and the Amount
List down all the debts you owe, including loan sharks, overdrawn bank accounts, credit cards, home equity loans and investment portfolios.
Liquidate Your Assets
Contemplate on auctioning a portion of your assets like jewellery, electronics, locomotives, and any other assets that you can convert to cash. Hassles. Repay whatever you can instantly without delay. The longer you delay the repayment, the riskier the situation becomes. Selling the assets yourself helps you to get a better deal than if they were to be auctioned.
Borrow to Pay the Loan
It is possible to seek funds from other financial sources to repay your loan, of course, subject to your credit score. The simple principle involves borrowing a single lump sum loan to repay all the lesser debts. After clearing the so-called “smaller debts”, you will only need to repay one single creditor.
Look for a Job If You Are Jobless
The fastest method of clearing out your debts is by boosting your sources of income. This does not mean you restart gambling at an online casino. Instead, you need a predictable and stable income. Find a side hustle or a casual job and use the earnings to service your online casino gambling debt before it is too late.
File for Bankruptcy in a Court of Law
This approach should come as the very last resort after you have exhausted all other means. However, it can be the only available option in some instances. There is no assurance that your online casino debt will be written off, but filing for bankruptcy will save you a great deal. After all, casinos, like other businesses have provisions for bad debts.