Article overcoming challenges 0
Series: Overcoming challenges

Resolving financial challenges

3 min read

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Has your gambling caused debt and financial hardship?

It’s not uncommon for people who have gambled excessively to accumulate debts with organisations like banks, gas and electricity companies, and even government agencies like Centrelink.

Paying off debt is a big part of the process of recovering from gambling harm. It can help you regain control of your finances and reduce the stress and anxiety that comes with being in debt. Managing debts can be challenging, but help is available. Seeking help and support can make all the difference in regaining control over your finances and rebuilding a stable financial future.

Has your family member or friend’s gambling caused debt and financial hardship?

If you’re a family member or friend of someone who has struggled with their gambling, you may be aware that excessive gambling can lead to accumulating debts with organisations like banks, gas and electricity companies, and even government agencies like Centrelink.

If your family member or friend’s gambling has caused debt and financial hardship, it’s important to know that paying off debt is a big part of their recovery from gambling harm. It can help them regain control of their finances and reduce the stress and anxiety that comes with being in debt.

Managing debts can be challenging, but help is available. You can play an important role in your family member or friend’s recovery by supporting them to find practical ways to manage their debts and seek help and support. This can make all the difference in regaining control over their finances and rebuilding a stable financial future.

You may have also found yourself in a difficult financial situation due to somebody else’s gambling. See our section on Protecting Assets.

Has someone’s gambling caused debt and financial hardship?

If you’re a professional supporting someone who has struggled with their gambling, you may be aware that excessive gambling can lead to accumulating debts with organisations like banks, gas and electricity companies, and even government agencies like Centrelink.

If the gambling of a person you’re working with has caused debt and financial hardship, it’s important to know that paying off debt is a big part of their recovery from gambling harm. It can help them regain control of their finances and reduce the stress and anxiety that comes with being in debt.

Managing debts can be challenging, but help is available. You can play an important role in the person’s recovery by acknowledging the impact their gambling may have had on their finances, working together to find practical ways to manage their debts effectively, and encouraging them to seek help and support. By doing so, you can help them regain control over their finances and rebuild a stable financial future.

What are some ways to manage debt?

The best way to repay debt is to come up with a realistic plan to pay off a certain amount each week or month. It’s important for people to try to arrange a payment plan as soon as possible with any people or companies they owe money to. They can also try combining all of their debts into one payment. It is recommended to steer clear of expensive money management companies, as they’ll charge for their service. Planning a weekly budget that includes strict repayments of debts is also important.

“It was definitely my rock bottom when my wife found out. She was more worried than anything, and also understandably angry. That same afternoon I called up the Gambling Helpline and had a long talk with someone there. They referred me to a free Financial Counsellor. I went with my wife and over the next month or so they worked through a lot of the debts. We consolidated everything into one manageable payment plan which gave us some breathing room…” - Gus

If someone has debt but can’t afford to pay it, they should speak to a financial counsellor as soon as possible. Free financial counselling is available in most states and territories. Find your local service by visiting the Local Support page.

If a person wants to dispute the debt, they should consider seeking legal advice about their options. Bankruptcy may be one option to release them from most debts, get some relief, and start fresh. However, some significant disadvantages come with this option, so always speak to a legal professional before making a decision. 

Dealing with debt and arranging manageable repayments can remove a major stress from people’s lives. It can feel like a huge weight is off their shoulders once their debts are paid off.

“It was, in some ways, a relief to not have to hide this huge thing that was happening anymore. Even though the way it happened was awful and created a lot of trust issues between us, when I got some professional help things started to feel more manageable. The debt wasn’t just this big unknown thing that I was scared to look at. It was something that could be chipped away at bit by bit. A huge weight was lifted from my shoulders about three months after I first started seeing the Financial Counsellor, when they told me I wouldn’t lose my business after all.” - Gus

How can financial counselling help?

Financial counselling can be a huge help. Financial counsellors are trained professionals who can provide free, confidential help for people who are having issues with debt. They can help by assessing their financial situation and developing a plan for the future. They can help them consolidate their debt, negotiate their overdue bills, put payment schedules in place, and set up a budget for the future. Go to How Financial Counselling Can Help With Gambling for more information.

The National Debt Helpline is another option that can assist people in resolving their financial challenges. They can provide advice, information, and referral to financial counsellors. Call 1800 007 007 between 9:30 am to 4:30 pm Monday to Friday.

Do you want more help?

For help with resolving your financial challenges, you can start an online chat with us or call the Gambling Helpline on 1800 858 858 – free, confidential, 24 hours a day, 7 days a week. These services are available to support anyone affected by gambling harm, including family members or friends.

Do you want more help?

For help with resolving their financial challenges, you or your family member or friend can start an online chat with us or call the Gambling Helpline on 1800 858 858 – free, confidential, 24 hours a day, 7 days a week.

These services are available to support anyone affected by gambling harm, including family members or friends like you. It’s not only the person who gambles that can be affected, but the people close to them too. It’s important to take care of yourself when you’re supporting someone else. Check out the family and friends section in our peer support community to connect with people who understand.

Do you want more help?

For help with resolving their financial challenges, you or the person you’re working with can start an online chat with us or call the Gambling Helpline on 1800 858 858 – free, confidential, 24 hours a day, 7 days a week.

These services are available to support anyone affected by gambling harm, including family members, friends, and professionals like you. It can be hard for professionals to support people with gambling issues. To learn more about how you can help, go to our section on How Professionals Can Help.

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