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Rebuilding Credit After Gambling Debts Are Resolved

Getting out of debt from gambling can be really hard. I know, I’ve been there myself. The good news is, there are ways to rebuild your credit even after you’ve piled up a ton of gambling debt.

First off, you gotta get help for the gambling addiction itself. That’s step one. Don’t be afraid to ask for help – I sure needed it. There’s support groups, counselors, even medications that can help you stop gambling and get your life back under control.

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Once you’ve got the gambling under control, then you can start chipping away at the debt. It won’t happen overnight, but if you make a plan and stick to it, you can be debt-free eventually.

Get on a Written Budget

This is key. You gotta know where your money’s going each month before you can start paying down debt. Track every penny – make categories for stuff like rent, utilities, food, transportation, etc. That’ll show you where you can cut back and free up cash to pay the debt.

Some easy ways to save: ditch cable TV, stop going out to eat as much, find a cheaper cell phone plan. Every little bit helps.

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Pay Off the Highest Interest Debt First

This is usually gonna be credit cards. Pay as much as you can towards the card with the highest interest rate each month. Once that’s gone, move to the next highest card. This saves you money over time.

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You can also look into balance transfer cards with 0% intro APRs to lower interest while you pay off the balances. But don’t run up more debt on the old cards!

Talk to Your Creditors

Call up your creditors – the credit card companies, banks, etc. Explain your situation and ask if they can reduce your interest rates. Often they can lower rates quite a bit, which will help you pay off balances faster.

You may also ask about hardship programs or other special repayment plans to make payments more affordable in the short term.

Consolidate Your Debt

Debt consolidation rolls all your balances into one new loan, with one monthly payment instead of multiple cards. This can make paying off debt simpler.

Options include balance transfer cards, personal loans from a bank, or debt management plans from a nonprofit credit counseling agency. Shop around for the lowest rates.

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Sell Stuff You Don’t Need

Have anything just sitting around collecting dust? Old electronics, jewelry, furniture, clothes, tools? Sell it online or have a garage sale. Use the cash to pay down balances.

You can also pick up a part-time job – like dog walking, Uber driving, etc. – and put that income towards the debt.

Prioritize Secured Debt

Secured debt like car loans and mortgages should take priority, since not paying them could mean losing the assets. Try to keep making at least minimum payments on these while paying down credit cards.

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See also  Debt Consolidation Calculator

Get Professional Help

Nonprofit credit counseling agencies can help you manage debt, create a budget, negotiate with creditors, and more. They offer free financial advice and debt management plans to consolidate debt into one payment.

Bankruptcy is a last resort if you have no way to pay. It damages your credit for years but wipes out most debt.

Dispute Any Errors on Your Credit Reports

Get free copies of your credit reports from and dispute any incorrect info with the credit bureaus. This can boost your scores.

Pay Down Balances

Keep making payments each month, even if it’s just the minimums. As you pay down balances, your credit utilization ratio improves, helping increase your scores.

Become an Authorized User

Ask a family member with good credit to add you as an authorized user on a credit card they manage responsibly. This can give your credit a boost.

Limit New Credit Applications

Each credit application causes a hard inquiry, which dings your scores a bit. Avoid applying for multiple new cards; instead, focus on managing your current accounts well.

Check Your Credit Reports

Get copies of your credit reports every few months to check for errors and monitor your progress. You can get them free at

It takes time, but taking these steps can help anyone rebuild credit after gambling debt. Be patient and keep at it. Your scores will improve as long as you stick to your new, responsible habits. You got this!

Let me know if you have any other questions!



[1] Debt Recovery and the Debt Recovery Process |

See also  7 Steps to Eliminate Small Business Debt

[2] 5 steps to rebuild credit after debt settlement – Hello Resolve

[3] How To Dispute Your Debt and Win Against Collectors & Creditors

[4] Financial Help for Gamblers: How to Pay Off Debts – InCharge Debt Solutions

[5] Protecting yourself from problem credit due to gambling – Experian

[6] How long does it take to rebuild credit after debt settlement? – Hello Resolve

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