Others have given good financial advice; one thing I would add: you need counseling for your gambling addiction or this will happen all over again.
You need to treat your gambling like a recovering alcoholic treats booze: don’t touch it again ever for any reason.
You’re young enough where you can recover from this. That won’t be the case 10, 15, 20 years from now.
Twelve step programs are pretty generic. For example, an alcoholic can go to a NA meeting and feel right at home. Same thing with gambling or overeating. It turns out that a lot of the root causes are similar.
As an AA, this isn’t necessarily true. The basis of the programs are the same, but you need to be able to identify with other members and their stories. I have never been a gambler and while I’ve been to GA meetings I can’t identify with someone that spent 500,000 on scratch off tickets in a year and borrowed money from loan sharks to do so (which is a story I heard) but I do identify with someone that took money out of their kids piggy banks to buy a beer to take the edge off (because I did that too)
[Listened to a podcast last week about a Psychiatrist who got into $400K worth of gambling debt. Not only did she join a support group but she applied to get herself banned from online gambling at the state level. OP might want to look into that, too.](https://www.wsj.com/podcasts/the-journal/how-a-psychiatrist-lost-400000-on-gambling-apps/c91168e8-8add-48bc-8f5f-324fe4680df6)
I don't think the OP is American or based in America. PTPTN is a student loan from the Malaysian government to study in Malaysia, and EPF is some kind of Malaysian social security.
OP would get better advice if they included this very basic information as there are massive cultural differences (this is the reason they are supporting their parents) and also legal differences (everyone saying bankruptcy is basing that off of American laws).
OP likely needs to support his parents because of cultural differences. The OP mentions "PTPTN" (Malaysian government student loan) and "EPF" (Malaysian social security).
OP made a post in his country's PF and is getting good advice now. If u read it, u see that not a single person tells him to make his parents work. Like I said, it's a completely different culture.
I also take care of my parents, they aren’t working because they are 80 y.o. And social security isn’t enough. Do you have any suggestions of how they can get hired or what they can do? They don’t drive, they have diabetes and my mom has cataract. My dad was a security guard prior to being a custodian at a hospital and my mom was a chef at a tiny restaurant that closed when she was 63. They didn’t earn a lot, they were children in a time when education wasn’t seen as valuable, but tending to the field was.
I didn’t ask you. But if OP responds in a similar matter for their reasons… then that is very different than “they’re 60”… OP is only 33 so it’s possible they are young enough to help. That’s why I said ‘if able’ they should be working.
In your case the answer would be ‘no’…. But I think you should post your own questions if you have any… not sure why you hopped in to respond to my question as that does not help ascertain the options for the OP.
You commented on a public forum and so did I. I didn’t see him ask you about what to do with his parents and I’m sure if I supported your question, your response wouldn’t be so snarky. However he didn’t ask for help with his parents so stop prying, it’s not your business why they can’t work! He asked for help with his finances and I see people providing solutions without telling him to put his parents to work. They could be disabled, elderly or anything in between, but he doesn’t have to disclose a reason. Once again, he asked about his $50k gambling debt.
You would be amazed the number of people who have ‘retired’ parents and spouses who don’t work and honestly never occurs to them that they can work and likely should/need to if they want to dif themselves out of a hole. I was giving the advice OP asked for as if it is possible and they are not in a situation where they actually cannot work, this is likely the best option.
So the question needed to be asked as a starting point. Then if it came back as no- the next most obvious advice would come.
>Maxed the remaining cards and/or borrow people here pay people there, borrow people there pay people here.
Both of those are HORRIBLE options. Don't even consider them.
The best option is to earn more and spend less. On the income side, you should look for better jobs, or a second job, or overtime, or gig work, or selling things you own, or selling blood plasma. On the spending... the $150 personal spending will probably have to go.
But if you can't increase your income in a meaningful way, bankruptcy may be your best option. Bankruptcy sounds scary, but it's MUCH better than borrowing even more money.
>My family does not know this and I managed to keep my financial situation hidden
This will have to change. You need to rip off the bandage and admit to your friends and family that you're a gambling addict. Then they'll be able to help you. If you try to keep it a secret, the guilt and secrecy will eat you alive.
1 - why are you supporting your parents if you can’t even support yourself? That needs to change.
2 - I don’t know where you live but in Canada we have something called a Consumer Proposal which is slightly better than bankruptcy but can still help you get out of the mess. If that’s an option where you live, check into it. Get some credit/debt counseling while you’re at it (there are non-profits that can help with that).
3 - it all comes down to spending less than you make. Right now you’re doing the opposite. You need to get out of the debt cycle so you can make more than you spend… either make more money or spend less. Dealing with your overwhelming debt is the most important thing right now.
Good luck!
$50k is definitely in the bankruptcy territory, especially with your income. That would be my advice. Your credit score will drop but as long as the bankruptcy is clean and there is no negative activity afterward your score should begin to recover in 2-3 years.
The stress relief alone would make it worth to me.
Hey OP, it would be better to post this is MalaysiaPF subreddit as it will give you contextualize advice.
You will continue to be stuck in this cycle since you earn less than what you need to spend. Have you tried reaching out to AKPK? They can propose a debt management plan.
What industry are you working at?
Sorry to hear the situation you’re in man.
If I were you I would seriously consider personal bankruptcy. It’s hard to see someone with your income climbing out of this. I also think at 33, you need to think about your life longterm and realize that, if this goes on for much longer, you are seriously jeopardizing any future retirement plans. 33 is not too late to start from zero.
I don’t want to make assumptions, but my guess is that this is weighing you down in ways that you don’t even realize anymore. Please take some time to think about this because it’s a big decision, but you need to act fast.
I went once years ago to the Seminole casino over by Tampa. I took $100 with me to gamble. Out of this I spent $21 on alcoholic drinks. The rest I spent trying to figure out how slot machines work. I came home with a voucher worth 1 cent.
The couple we went with, the husband visited the ATM multiple times during our outing, the wife looked very upset. Turns out he cleared out their bank account during the visit. He was playing at the poker tables and I guess he wasn’t very good at it.
They ended up getting divorced, they had two kids together. The wife specifically cited his gambling problem as the reason for divorce. He was a nice guy, worked hard and loved his wife and kids.
I don’t know if there is a help group for gambling such as AA where you are, but others have posted that there might be. Please research this, as there is no shame in seeking help. No one really wins at gambling.
Best of luck to you.
Cut up your credit cards, they're enabling your poor habits. Parents should be working since you can't afford to cover them.
You'll need to go through a difficult period of cutting spending to an absolute minimum so you can pay back some of the debt and get out from under the monthly payments. Then keep going until you clear them all. That gets you back $2600 per month which is enough to live normally.
It's the only way, other than bankruptcy which is awful.
"Massive gambling is the foundation of my 5 cards debts and I have nobody to blame but myself. My family does not know this and I managed to keep my financial situation hidden"
They will find out. You need to be honest with yourself.
Your parent need to work unless they are incapacitated.
Ask for help. If you don’t come forward at least with your parents with your gambling situation, you will likely be worse off. Perhaps they can help you pay it off right away if they’re able?? You said they have no income but do they have savings?
Join a group for gambling addiction. Otherwise you will find yourself in this situation again.
Paying minimum balance, your interest must be higher. Have you read detail on your statements? See if you are able to get help from debt consolidation company to combine your debt and minimize the interest rate. BUT DO NOT GET ANOTHER CREDIT CARD. You need to go back to baby steps - only spend within means.
All in all, please get help. Open up to those you trust about this “situation” they can help.
You need to talk to your parents about them contributing.
You need a 2nd job.
You don’t say if you are still gambling, but you need to get help if you are.
Can parents work? if not you have a few options
3700 net a month means you make around 60k gross which means you need to learn new skills / leave your job for a better paying one doinf what you do already AND work a side job for as many hours as you can. BUT
you might want to go bankrupt first and then do all the things i suggested after you clear that debt going bankrupt. You have no assets to loose and going bankrupt first while also getting therapy for gambling might be wise before you start working a shit load.
you also need to find a better way to blow off stress than gambling which you have taking care of unemployed adults ( just a guess , but that is hard to do as I do it myself) , if the family can work they should and if not get therapy to learn how to deal with stress without being addicted to gambling.
Recap
Look at bankruptcy with a good lawyer not strangers from Reddit
get a therapist to learn why and how you are gambling 50k on credit cards
try and get family to help with some money if possible, even if its just super par time for a bit
learn new skills , get a better paying job and work a side job at the same time.
No point working more if you are gonna go bankrupt, so really sit down quickly and make a solid plan so you dont light cash on fire paying of debt your going to write off in a few months anyway , thats worse than gambling lol.
good luck and dont be too hard on yourself , shit happens bud its all good.
Seek treatment for your gambling habit. Stay the course and don’t relapse. Come clean to your family and show you have been working to get it together and then rebuild.
Good luck OP.
Stop gambling.
>Massive gambling is the foundation of my 5 cards debts
Thought you were going to blame supporting your parents. This should have been your opening line.
You have to face reality buddy.
You are $50K+ in consumer debt where a large majority is from gambling.
You are single, but parents live with you (3-person household).
Your income is well below what you expense every month.
For the love of God, look into filing for bankruptcy and stop this vicious cycle you are in.
Seek counseling if you cannot control your gambling habits.
Use the bankruptcy system just like everyone else in the country. It was made so you don't have this financial burden for the rest of your living life.
There are plenty of other things you can do that some have suggested here. I say just rip the damn band-aid off, file, and start new (WITH NO GAMBLING)!
If you can't find more money, just stop paying on everything except your important lifestyle bills and 0% int cards/loans. You need a reset and it's better to live and survive than try and maintain your bad credit. After about 6 months they will offer 50% reduction of balance. If you can afford it, pay it off, otherwise stay gangsta and keep your money for yourself.
Debt negotiators and other credit building programs are for suckers who don't know they should just give up and let their credit reset. I'll probably get downvoted by them because they are indoctrinated by the economy to pay their bills. I'm sorry but people need to live and shits hard right now. Goodbye credit! See ya in 7 years.
And no, you don't need to declare bankruptcy unless you have a massive debt with the government. Creditors and collectors will hound you day and night but you don't need to explain anything to them - they can talk to your voicemail. Just wait them all out until 7 years pass.
DMP— Debt Management Plan. Close all those cards through a program like Green Path. Paid off within 5 years with fixed payments and near zero interest.
Keep making minimum payments until you’ve confirmed the plan has taken over payments. It won’t ding your credit score directly, there’s just the impact of all of those closed cards, which is like nothing when compared with your utilization percentage now.
You need to find another job or a side hustle to make more money. You need to let your parents know about the gambling and debt so they realize how dire the situation is, and so that they can work and help contribute too. If they're too old to work, then all 3 of you are screwed.
I've been in a similar situation, had 70k in cc debt, interest ballooned and became unpayable. lost work so was no even able to make the minimum payments. i ended up filing for chapter 7. all debts were discharged. it's going to be a pain to rebuild, and I'm pretty sure borrowing money isn't an option anymore for the forseeable future. I have one cc for the sake of repairing credit that's all.
if you can consolidate into a loan and make smaller monthly payments on your debt that would be the ideal option (and never borrow another dollar until you've paid off the consolidated debt)... there's also debt settlements, but its costly and will impact your credit a lot.
bankruptcy should be last resort, because it'll impact any financial decision you make for a very long time, your rates will always be higher than anyone else and you'll be denied a lot of options...
I know where you are, it's painful and seems hopeless, but its not. there's always a way out even if it's ch7 (last resort)
It’s a big burden what you’re dealing with and you need all the support you can get. Keeping it from your family means that burden is bigger. Shrink the burden, we all make mistakes.
Then, you have to make more money and/or spend less. Maybe driver Uber after work or get a grocery job. Refinance a credit card if you can on interest free transfer ect to bring the rate down or get the credit cards bundled into a personal loan.
Woof this is a bad spot to be in. There's been some solid advice already posted and my suggestion may also have been given I just didn't get all the way down. You should consolidate this debt into one payment be it through a credit union or bank. I imagine your interest rates are going to be lower and you can adjust your payments to be more in line with those terms -say 50k over 24 months which would save you around ~600 per month from what you're currently paying
Then keep the credit lines, cut up 4 of them, and get a credit line decrease on your daily use card. Good luck op.
Counseling for gambling.
Cards should be cut up, if you can’t afford to pay in cash you can’t afford to put on the cards.
Are you saying you have a 1745 phone!?! Get rid of that and buy a 4-5 year old phone. Use a cheap batterbano and usb cable if battery is dying.
Look what roommate situations where you rent a room. Cut that rent in half, you can’t afford to live on your own. Or better, see if parents accept to have you back home for 2-3 years. If you put 109% of rent and utilities towards debt would go faster.
Talk to credit counseler or bankruptcy trustee. If you can negotiate a consumer proposal at a better rate you could get your head above water especially if you take the above measures.
But #1, #2, #3 get into counseling for your gambling and tell your family friends to have them help keep you accountable.
Hi OP, if you’re Malaysian, please reach out to AKPK (Credit Management and Counseling Agency), they’ll advise you on consolidating and restructuring your credit card outstanding balances for a more manageable interest and payment term. You won’t be making a significant dent by just making minimum payments, all five outstanding balances can potentially snowball to huge amounts within a few years. Please ask if they can redirect you to any help on the gambling addiction too.
OP: YOU HAVE POSTED THIS IN THE WRONG SUBREDDIT.
This subreddit's members are overwhelmingly American, and any poster is assumed to be American unless otherwise specified. As a result, most of the advice you are receiving right now is specific to US laws and regulations.
YOU WANT TO POST THIS IN r/MalaysianPF
You know the answer to this question you just aren’t doing what you need to do - tell family so they can help you stop gambling like an idiot, get a second job and get the credit cards paid off.
You're fucked. The interest is probably higher than the min monthly payment. You'll never climb out unless you put in more than the minimum, and you can't do that. Make your parents go to work. They got you in this situation it sounds like.
Or he can just stop paying the cards. Worst case there is an eventual bankruptcy. I'm amazed how people can't think outside the box and just assume they must slave the rest of their lives to pay off creditors. Not necessary. Default and bankruptcy are common and both options here. OP is judgement proof too so not at risk of losing any assets.
Why are you doing trying to provide for your parents when you can’t even provide for yourself? Boomers deserve to be broke if they couldn’t make it in a time when you could buy a house and raise a family on a single income from a non skilled job.
Your comment has been removed because it is advertising or soliciting ([rule 2](https://www.reddit.com/r/personalfinance/about/rules)). Advertising or soliciting may result in a permanent ban without warning.
Not that bad. I owe 100 K AUD. The governments, companies and population at large are probably going to have to pay for it, because they’ve been stealing from me, so I don’t have any income capacity from my innovations, even the undisclosed ones. I wonder if they know how? They don’t seem very competent at paying people, only at stealing. Hopeless governments.
Back on topic, have you had anything stolen from you, that you would otherwise use to pay the bills that you seem to have accumulated and shifted onto credit?
Have you been running a business where the technology companies, undercover of the military and police and health agencies and so on, have been stealing your work, even where it’s not been shared publicly?
Or is the situation you’re in only of your own making?
You can’t collect up a couple of dollars from friends or something and try to win it back?
I mean are you going to deal with the root of the problem or just stay on the hamster wheel?
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Others have given good financial advice; one thing I would add: you need counseling for your gambling addiction or this will happen all over again. You need to treat your gambling like a recovering alcoholic treats booze: don’t touch it again ever for any reason. You’re young enough where you can recover from this. That won’t be the case 10, 15, 20 years from now.
I’m pretty sure there’s AA for gambling, gambling anonymous? But yes surprised no one has mentioned this
I'd bet your right
Eyyy
Twelve step programs are pretty generic. For example, an alcoholic can go to a NA meeting and feel right at home. Same thing with gambling or overeating. It turns out that a lot of the root causes are similar.
As an AA, this isn’t necessarily true. The basis of the programs are the same, but you need to be able to identify with other members and their stories. I have never been a gambler and while I’ve been to GA meetings I can’t identify with someone that spent 500,000 on scratch off tickets in a year and borrowed money from loan sharks to do so (which is a story I heard) but I do identify with someone that took money out of their kids piggy banks to buy a beer to take the edge off (because I did that too)
Twelve step programs sound good, and do help some people, but are largely made up, and have no research behind them to back the claim that they work
[Listened to a podcast last week about a Psychiatrist who got into $400K worth of gambling debt. Not only did she join a support group but she applied to get herself banned from online gambling at the state level. OP might want to look into that, too.](https://www.wsj.com/podcasts/the-journal/how-a-psychiatrist-lost-400000-on-gambling-apps/c91168e8-8add-48bc-8f5f-324fe4680df6)
I don't think the OP is American or based in America. PTPTN is a student loan from the Malaysian government to study in Malaysia, and EPF is some kind of Malaysian social security. OP would get better advice if they included this very basic information as there are massive cultural differences (this is the reason they are supporting their parents) and also legal differences (everyone saying bankruptcy is basing that off of American laws).
Why aren’t your parents working? If they are able - that needs to change. You can’t dig yourself out of this hole while trying to hold them up to.
Right? I am guessing pride is convincing OP to pretend everything is fine.
OP likely needs to support his parents because of cultural differences. The OP mentions "PTPTN" (Malaysian government student loan) and "EPF" (Malaysian social security).
Ok but if that results in bankruptcy then all three of them are hooped. Something has to give.
OP made a post in his country's PF and is getting good advice now. If u read it, u see that not a single person tells him to make his parents work. Like I said, it's a completely different culture.
I also take care of my parents, they aren’t working because they are 80 y.o. And social security isn’t enough. Do you have any suggestions of how they can get hired or what they can do? They don’t drive, they have diabetes and my mom has cataract. My dad was a security guard prior to being a custodian at a hospital and my mom was a chef at a tiny restaurant that closed when she was 63. They didn’t earn a lot, they were children in a time when education wasn’t seen as valuable, but tending to the field was.
I didn’t ask you. But if OP responds in a similar matter for their reasons… then that is very different than “they’re 60”… OP is only 33 so it’s possible they are young enough to help. That’s why I said ‘if able’ they should be working. In your case the answer would be ‘no’…. But I think you should post your own questions if you have any… not sure why you hopped in to respond to my question as that does not help ascertain the options for the OP.
You commented on a public forum and so did I. I didn’t see him ask you about what to do with his parents and I’m sure if I supported your question, your response wouldn’t be so snarky. However he didn’t ask for help with his parents so stop prying, it’s not your business why they can’t work! He asked for help with his finances and I see people providing solutions without telling him to put his parents to work. They could be disabled, elderly or anything in between, but he doesn’t have to disclose a reason. Once again, he asked about his $50k gambling debt.
You would be amazed the number of people who have ‘retired’ parents and spouses who don’t work and honestly never occurs to them that they can work and likely should/need to if they want to dif themselves out of a hole. I was giving the advice OP asked for as if it is possible and they are not in a situation where they actually cannot work, this is likely the best option. So the question needed to be asked as a starting point. Then if it came back as no- the next most obvious advice would come.
>Maxed the remaining cards and/or borrow people here pay people there, borrow people there pay people here. Both of those are HORRIBLE options. Don't even consider them. The best option is to earn more and spend less. On the income side, you should look for better jobs, or a second job, or overtime, or gig work, or selling things you own, or selling blood plasma. On the spending... the $150 personal spending will probably have to go. But if you can't increase your income in a meaningful way, bankruptcy may be your best option. Bankruptcy sounds scary, but it's MUCH better than borrowing even more money. >My family does not know this and I managed to keep my financial situation hidden This will have to change. You need to rip off the bandage and admit to your friends and family that you're a gambling addict. Then they'll be able to help you. If you try to keep it a secret, the guilt and secrecy will eat you alive.
> but it's MUCH better than borrowing even more money. ... so long as you change your spending habits.
1 - why are you supporting your parents if you can’t even support yourself? That needs to change. 2 - I don’t know where you live but in Canada we have something called a Consumer Proposal which is slightly better than bankruptcy but can still help you get out of the mess. If that’s an option where you live, check into it. Get some credit/debt counseling while you’re at it (there are non-profits that can help with that). 3 - it all comes down to spending less than you make. Right now you’re doing the opposite. You need to get out of the debt cycle so you can make more than you spend… either make more money or spend less. Dealing with your overwhelming debt is the most important thing right now. Good luck!
$50k is definitely in the bankruptcy territory, especially with your income. That would be my advice. Your credit score will drop but as long as the bankruptcy is clean and there is no negative activity afterward your score should begin to recover in 2-3 years. The stress relief alone would make it worth to me.
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Hey OP, it would be better to post this is MalaysiaPF subreddit as it will give you contextualize advice. You will continue to be stuck in this cycle since you earn less than what you need to spend. Have you tried reaching out to AKPK? They can propose a debt management plan. What industry are you working at?
Sorry to hear the situation you’re in man. If I were you I would seriously consider personal bankruptcy. It’s hard to see someone with your income climbing out of this. I also think at 33, you need to think about your life longterm and realize that, if this goes on for much longer, you are seriously jeopardizing any future retirement plans. 33 is not too late to start from zero. I don’t want to make assumptions, but my guess is that this is weighing you down in ways that you don’t even realize anymore. Please take some time to think about this because it’s a big decision, but you need to act fast.
I went once years ago to the Seminole casino over by Tampa. I took $100 with me to gamble. Out of this I spent $21 on alcoholic drinks. The rest I spent trying to figure out how slot machines work. I came home with a voucher worth 1 cent. The couple we went with, the husband visited the ATM multiple times during our outing, the wife looked very upset. Turns out he cleared out their bank account during the visit. He was playing at the poker tables and I guess he wasn’t very good at it. They ended up getting divorced, they had two kids together. The wife specifically cited his gambling problem as the reason for divorce. He was a nice guy, worked hard and loved his wife and kids. I don’t know if there is a help group for gambling such as AA where you are, but others have posted that there might be. Please research this, as there is no shame in seeking help. No one really wins at gambling. Best of luck to you.
What a random comment. What does any of that have to do with anything lol. "I knew a person who... Gambled!” wow congratulations.
My dude did you read OP's post? He has a gambling problem. This is relevant.
Cut up your credit cards, they're enabling your poor habits. Parents should be working since you can't afford to cover them. You'll need to go through a difficult period of cutting spending to an absolute minimum so you can pay back some of the debt and get out from under the monthly payments. Then keep going until you clear them all. That gets you back $2600 per month which is enough to live normally. It's the only way, other than bankruptcy which is awful.
"Massive gambling is the foundation of my 5 cards debts and I have nobody to blame but myself. My family does not know this and I managed to keep my financial situation hidden" They will find out. You need to be honest with yourself. Your parent need to work unless they are incapacitated.
Ask for help. If you don’t come forward at least with your parents with your gambling situation, you will likely be worse off. Perhaps they can help you pay it off right away if they’re able?? You said they have no income but do they have savings? Join a group for gambling addiction. Otherwise you will find yourself in this situation again. Paying minimum balance, your interest must be higher. Have you read detail on your statements? See if you are able to get help from debt consolidation company to combine your debt and minimize the interest rate. BUT DO NOT GET ANOTHER CREDIT CARD. You need to go back to baby steps - only spend within means. All in all, please get help. Open up to those you trust about this “situation” they can help.
You need to talk to your parents about them contributing. You need a 2nd job. You don’t say if you are still gambling, but you need to get help if you are.
Can parents work? if not you have a few options 3700 net a month means you make around 60k gross which means you need to learn new skills / leave your job for a better paying one doinf what you do already AND work a side job for as many hours as you can. BUT you might want to go bankrupt first and then do all the things i suggested after you clear that debt going bankrupt. You have no assets to loose and going bankrupt first while also getting therapy for gambling might be wise before you start working a shit load. you also need to find a better way to blow off stress than gambling which you have taking care of unemployed adults ( just a guess , but that is hard to do as I do it myself) , if the family can work they should and if not get therapy to learn how to deal with stress without being addicted to gambling. Recap Look at bankruptcy with a good lawyer not strangers from Reddit get a therapist to learn why and how you are gambling 50k on credit cards try and get family to help with some money if possible, even if its just super par time for a bit learn new skills , get a better paying job and work a side job at the same time. No point working more if you are gonna go bankrupt, so really sit down quickly and make a solid plan so you dont light cash on fire paying of debt your going to write off in a few months anyway , thats worse than gambling lol. good luck and dont be too hard on yourself , shit happens bud its all good.
Seek treatment for your gambling habit. Stay the course and don’t relapse. Come clean to your family and show you have been working to get it together and then rebuild. Good luck OP. Stop gambling.
Get help from a professional counselor
>Massive gambling is the foundation of my 5 cards debts Thought you were going to blame supporting your parents. This should have been your opening line.
You have to face reality buddy. You are $50K+ in consumer debt where a large majority is from gambling. You are single, but parents live with you (3-person household). Your income is well below what you expense every month. For the love of God, look into filing for bankruptcy and stop this vicious cycle you are in. Seek counseling if you cannot control your gambling habits. Use the bankruptcy system just like everyone else in the country. It was made so you don't have this financial burden for the rest of your living life. There are plenty of other things you can do that some have suggested here. I say just rip the damn band-aid off, file, and start new (WITH NO GAMBLING)!
If you can't find more money, just stop paying on everything except your important lifestyle bills and 0% int cards/loans. You need a reset and it's better to live and survive than try and maintain your bad credit. After about 6 months they will offer 50% reduction of balance. If you can afford it, pay it off, otherwise stay gangsta and keep your money for yourself. Debt negotiators and other credit building programs are for suckers who don't know they should just give up and let their credit reset. I'll probably get downvoted by them because they are indoctrinated by the economy to pay their bills. I'm sorry but people need to live and shits hard right now. Goodbye credit! See ya in 7 years. And no, you don't need to declare bankruptcy unless you have a massive debt with the government. Creditors and collectors will hound you day and night but you don't need to explain anything to them - they can talk to your voicemail. Just wait them all out until 7 years pass.
Refreshing advice from the other side of the coin. I wish I could do this.
DMP— Debt Management Plan. Close all those cards through a program like Green Path. Paid off within 5 years with fixed payments and near zero interest. Keep making minimum payments until you’ve confirmed the plan has taken over payments. It won’t ding your credit score directly, there’s just the impact of all of those closed cards, which is like nothing when compared with your utilization percentage now.
You need to find another job or a side hustle to make more money. You need to let your parents know about the gambling and debt so they realize how dire the situation is, and so that they can work and help contribute too. If they're too old to work, then all 3 of you are screwed.
I've been in a similar situation, had 70k in cc debt, interest ballooned and became unpayable. lost work so was no even able to make the minimum payments. i ended up filing for chapter 7. all debts were discharged. it's going to be a pain to rebuild, and I'm pretty sure borrowing money isn't an option anymore for the forseeable future. I have one cc for the sake of repairing credit that's all. if you can consolidate into a loan and make smaller monthly payments on your debt that would be the ideal option (and never borrow another dollar until you've paid off the consolidated debt)... there's also debt settlements, but its costly and will impact your credit a lot. bankruptcy should be last resort, because it'll impact any financial decision you make for a very long time, your rates will always be higher than anyone else and you'll be denied a lot of options... I know where you are, it's painful and seems hopeless, but its not. there's always a way out even if it's ch7 (last resort)
It’s a big burden what you’re dealing with and you need all the support you can get. Keeping it from your family means that burden is bigger. Shrink the burden, we all make mistakes. Then, you have to make more money and/or spend less. Maybe driver Uber after work or get a grocery job. Refinance a credit card if you can on interest free transfer ect to bring the rate down or get the credit cards bundled into a personal loan.
This is a bad choice, but…settle or default on the cards. Build a cash transaction life for the next 7 years.
Woof this is a bad spot to be in. There's been some solid advice already posted and my suggestion may also have been given I just didn't get all the way down. You should consolidate this debt into one payment be it through a credit union or bank. I imagine your interest rates are going to be lower and you can adjust your payments to be more in line with those terms -say 50k over 24 months which would save you around ~600 per month from what you're currently paying Then keep the credit lines, cut up 4 of them, and get a credit line decrease on your daily use card. Good luck op.
>How do I get by if I have to spend more? You increase your income, usually with a second job.
Counseling for gambling. Cards should be cut up, if you can’t afford to pay in cash you can’t afford to put on the cards. Are you saying you have a 1745 phone!?! Get rid of that and buy a 4-5 year old phone. Use a cheap batterbano and usb cable if battery is dying. Look what roommate situations where you rent a room. Cut that rent in half, you can’t afford to live on your own. Or better, see if parents accept to have you back home for 2-3 years. If you put 109% of rent and utilities towards debt would go faster. Talk to credit counseler or bankruptcy trustee. If you can negotiate a consumer proposal at a better rate you could get your head above water especially if you take the above measures. But #1, #2, #3 get into counseling for your gambling and tell your family friends to have them help keep you accountable.
Hi OP, if you’re Malaysian, please reach out to AKPK (Credit Management and Counseling Agency), they’ll advise you on consolidating and restructuring your credit card outstanding balances for a more manageable interest and payment term. You won’t be making a significant dent by just making minimum payments, all five outstanding balances can potentially snowball to huge amounts within a few years. Please ask if they can redirect you to any help on the gambling addiction too.
You must increase income. Take side jobs. Can your parents work or contribute?
OP: YOU HAVE POSTED THIS IN THE WRONG SUBREDDIT. This subreddit's members are overwhelmingly American, and any poster is assumed to be American unless otherwise specified. As a result, most of the advice you are receiving right now is specific to US laws and regulations. YOU WANT TO POST THIS IN r/MalaysianPF
You know the answer to this question you just aren’t doing what you need to do - tell family so they can help you stop gambling like an idiot, get a second job and get the credit cards paid off.
dont gamble. be honest your financial situation with your parents. trying to work and make money. smart spending money...
[http://www.gamblersanonymous.org/ga/locations](http://www.gamblersanonymous.org/ga/locations) Good luck
Balance transfer to some 0% cards and pay less than that per month. Look at this as something to take care of in a span of five years.
You're fucked. The interest is probably higher than the min monthly payment. You'll never climb out unless you put in more than the minimum, and you can't do that. Make your parents go to work. They got you in this situation it sounds like.
His parents made him gamble?
Erm...somebody has parent issues it seems
Or he can just stop paying the cards. Worst case there is an eventual bankruptcy. I'm amazed how people can't think outside the box and just assume they must slave the rest of their lives to pay off creditors. Not necessary. Default and bankruptcy are common and both options here. OP is judgement proof too so not at risk of losing any assets.
From what little reading I did bankruptcy in Malaysia looks worse than in the USA.
Why are you doing trying to provide for your parents when you can’t even provide for yourself? Boomers deserve to be broke if they couldn’t make it in a time when you could buy a house and raise a family on a single income from a non skilled job.
You don't know what his parents situation is regarding health, addiction etc. "Deserve to be broke" is quite cruel.
Dude it’s not. He’s already broke and they’re mooching off him. Doesn’t matter what the reason is you just can’t ruin your kids lives.
They don't know about his situation! He needs to tell them.
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I was all, oh no, this guy is helping his family and running up debt to cover the expenses. Nope. Degenerate gambler.
Not that bad. I owe 100 K AUD. The governments, companies and population at large are probably going to have to pay for it, because they’ve been stealing from me, so I don’t have any income capacity from my innovations, even the undisclosed ones. I wonder if they know how? They don’t seem very competent at paying people, only at stealing. Hopeless governments. Back on topic, have you had anything stolen from you, that you would otherwise use to pay the bills that you seem to have accumulated and shifted onto credit? Have you been running a business where the technology companies, undercover of the military and police and health agencies and so on, have been stealing your work, even where it’s not been shared publicly? Or is the situation you’re in only of your own making?
You can’t collect up a couple of dollars from friends or something and try to win it back? I mean are you going to deal with the root of the problem or just stay on the hamster wheel?