Is debt relief better than bankruptcy after gambling losses?
Massive unsecured debt across personal loans, credit cards, digital payment apps, and friends leaves people terrified of collections, court, and navigating a cycle of borrowing to pay other cards. This overwhelming financial and emotional burden stops them from knowing where to start or which recovery option to trust.
What people tried
Every workaround mentioned in the threads below. We haven’t tested any of them — and nobody here is claiming they worked.
Found another way around this?
Share your steps and trade-offs so fellow engineers don't have to reinvent the wheel. No account required.
Is debt relief better than bankruptcy after gambling losses?
- 1Drafting a detailed budget and writing down expensesDid this help you?
- 2Calling lenders to negotiate hardship or 0% interest payment plansDid this help you?
- 3Considering filing for bankruptcyDid this help you?
- 4Prioritizing repayments to friends and family firstDid this help you?
- 5Borrowing from other credit cards to pay off existing cards in a monthly cycleDid this help you?
- 6Consolidating previous debt through a financial adviser or lawyerDid this help you?
- 7Suggesting locking credit cards in a safeDid this help you?
In their words
Unedited, grouped by where they were said, most upvoted first within each place, each linked to the thread it came from.
“To be upfront and clear, I am working through a gambling addiction. And i spent money I did not have.”source ↗
“I have about 30k in debt from personal loans and another 25k across 6 credit cards and 6k from a friend. Also owe Venmo 5k and PayPal an estimated 6k. (These 2 I’m most scared of)”source ↗
“I’m scared and feel alone. Is debt relief better than bankruptcy?”source ↗
“The problem is that my husband is also a gambling addict with several credit cards and 28k in debt.”source ↗
“He tells me that it’s because of these two expenses, and to pay off his multiple different cards, he will borrow from OTHER cards, and that this cycle repeats monthly.”source ↗
“I genuinely have no idea what’s true or where to start.”source ↗
“Just want to know the fear of Venmo/Paypal sending me to collections or court”source ↗
Where this came up
People with this problem also raised
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- 11How to pay urgent bills and debt when unemployed
- 6How to pay off massive business EIDL and credit card debt
- 4How to protect your finances from a gambling spouse
- 4How to plan for retirement when you're living in the red and have debt
- 5What to do about car loan debt after a totaled car without full coverage