In So Much Debt From Gambling
If someone close to you has a gambling problem, it can put a huge stress on you and your household finances. Try to encourage them to get help to deal with their debts and gambling. If you’re struggling to deal with someone else’s gambling and debt problems, get specialist advice. That shouldn’t be news to most people. About 85% of adults in the U.S. Have gambled at least once in their life and the gambling industry takes in about $500 billion a year. What might be news is that as many as 23 million Americans go into debt because of gambling and the average loss is estimated to be around $55,000. Payday loans and car title loans as well as pawn shops are very successful businesses. When people get a short term loan from a payday loan center, for example, they have only a short time to repay it OR they can re-loan which gets them in deeper. So, there’s the gambling issue, which lead to the debt issue. So how did you deal with the gambling issue and then we’ll talk about the debt issue. Beau Humphreys: So, well, it’s funny because I would say that one of the first steps to dealing with the gambling issue was dealing with that debt issue because what it did is it gave me. I've racked up a sizable debt from gambling the past several years. Is it just me or is it so much harder to stop when you know you've got a large debt to pay off. I think its easier to stop when u've lost (for example) 50k in savings but you've got no debts to pay than to lose 20k but be in debt.
Let us face facts, Millennials are the face of America these days and including them, most Americans out there are immersed knee-deep in debt. Why do you think that is? We have compiled a list of reasons which will try to explain some of the main reasons why we see so many indebted Americans lately.
If you are one of these unfortunate Americans who find themselves unable to pay off their debts and loans, you should try to hire a debt relieving advisor in person or get their services online from a website such as https://www.facethered.com/
Student Loans
College funding has become very expensive as of late and it is difficult for parents and students to pay it all off at once. This is why students take loans as financial aid and all to help them get through college and obtaining a degree. After they have received their degree, they have to work for a long time to pay off their entire loan. This is because they not only have to pay off the loan with their money, they also have to pay their living expenses such as rent and food. Most students are not able to save anything in the process. When these students finally pay off all their loans and emerge into their seemingly debt-free lives, they are hardly left with any savings to their name which will help them maintain themselves in this life. This is why they turn towards taking more debt which can keep accumulating throughout the person’s life.
Gambling
Another big reason which throws Americans into debt is the toxicity of gambling. Gambling has become an addiction for many Americans who spend long hours of their day in bars, clubs and casinos trying to make a fortune for themselves and losing most of their money in the process. Some people get so addicted to gambling that they mortgage their properties and ask for loans to pay off the money they owe or worse, to play games with even higher stakes.
Unemployment and Minimum Wage
Unemployment is at an all-time high in the USA. Many people who could not put themselves through college or have liberal arts degrees and the likes find it very difficult to find stable jobs. Many of these people therefore work in Fast Food joints and all at minimum wages to make ends meet. In these situations paying off rent, bills and buying food for themselves is pretty much all they can manage and have to eventually turn towards debt to live a normal life
Divorces
Lastly, Divorce is a great reason why people become immersed in debt. This is because roughly 50% of all marriages in the USA end in divorce and people take signing a pre-nuptial agreement very personally. Hence, a divorce usually makes the people involved fall into debt and with the payment of monthly alimony and care for the children involved, the person finds himself borrowing more and more money.
I've racked up a sizable debt from gambling the past several years. Is it just me or is it so much harder to stop when you know you've got a large debt to pay off.
I think its easier to stop when u've lost (for example) 50k in savings but you've got no debts to pay than to lose 20k but be in debt. I want a fresh start but then I look at my bank balance and go.......NO, I will only get a fresh start when I pay off my debts.
I know its going to take me several years to pay off and I always think the only way to escape this situation is to to gamble more. I'm stuck in my job right now and there's no way to get out. Its like as if im trapped, trapped in an imaginary jail right now.
In So Much Debt Through Gambling
Is anyone experiencing the same thing as I am? Where u find it harder to stop because you are in debt?