Get Out of Gambling Debt: Forgiveness Programs Available

Gambling Debt Forgiveness

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By Bromwich+Smith Staff | 1484 words | Reading Time: 7 minutes and 15 seconds | Date: 2024/01/31 


For many Canadian adults, gambling is a fun occasional activity but for approximately 2%, it can spiral out of control affecting every aspect of their life. Gambling often starts off small with 60% of all Canadians saying they spend an average of $6.75 per month gambling and 3% report spending over $100 each month.  

Slot machines tend to be the most popular game with 67,000 machines across Canada. When it comes to online gambling, Canada ranks 8th with 19.3 million active users spending more than $4 billion online, and another 16 billion in local casinos every year. With the global pandemic shutting down in person casinos, Online casinos continue to grow making it easier for those who want to gamble to in fact do so.  

Health problems linked to gambling 

The potential for developing gambling addiction has been found to be higher in vulnerable groups. Studies are also seeing rates of mental illness and substance abuse are higher in those with gambling addiction.  

What do you need to know when gambling crosses the line into addiction and debt? 

Many Canadians with gambling addictions started as a way to escape from the reality of day-to-day life. However, they quickly saw that gambling wasn’t an escape at all but a means to fall further into debt and addictive behavior.

Financial stress typically isn’t the reason people start gambling more so it is the first sign there is a gambling problem. The ease of gambling with a credit card, or online casinos cause serious damage to your credit before you even know there is a problem.  

How do you know if your gambling has turned into an addiction?  

Seek help immediately if you recognize any of these signs of gambling addiction:  

- You want to stop gambling but can’t 
- You max out credit cards to pay for gaming 
- You gamble larger and larger amounts of money 
- You borrow money to pay for gambling 
- You lie about how involved you are in gambling 
- You skip bills or necessities to fund your playing 
- You become irritable or stressed if you try to stop gambling 
- You consider illegal activities to fund gambling 

Addiction and financial counseling will help you regain control of your life and finances. There are many gambling addiction support groups available to help you conquer your gambling problem. It is important to seek help to help to address gambling addiction. If you decide to not to seek help for the addiction and only address the debt, you may find yourself falling into the same habits and back in debt. 

Bankruptcy and Gambling 

Filing bankruptcy for relief from debt caused by gambling has its own set of obstacles. Unlike the automatic 9-month discharge built into an average bankruptcy, a bankruptcy filed due to gambling is discharged only after additional special requirements are met. A Bromwich +Smith licensed insolvency trustee in bankruptcy can provide you with the information you need about the bankruptcy requirements without judgment. 

What to know about next steps  

  1. YOU need to make the decision to Quit 

Before you can see past your current debt, and personal situation you need to take the steps to acknowledge your addiction and to make steps to getting help.  This is not a decision that you can be forced into, as you need to commit to the program to fully take in the resources available to you. If you are researching how to quit gambling, gambling debt forgiveness, reducing gambling debt, or how to pay off gambling debt you are already taking the first steps. Congratulations!  

  1. Understand Your Debt 

As a starting point, you will need to know what you owe, who do you owe, how long have you owed this money. A debt relief specialist will be able to help you pull up records from your creditors, but you will need to be open about all debt owed. Understand your cash flow, how do you get paid, how much and how often. This gives a starting off point to see how much you can afford to pay back and will help determine the debt relief program that will work best for you.  

  1. Reach Out for Gambling Debts 

In Canada only a Licensed Insolvency Trustee like Bromwich+Smith is federally regulated to help with debt relief. Do your research and contact us today to put a stop to the high interest debts. We can help put you in touch with gambling support systems to help with gambling addiction, while we work on reducing gambling debt!  

  1. Build  A Support System 

Having a group of people around you who support your decision to stop gambling and hold you accountable is very important. As with any addiction, you will need to examine who is in your inner circle and decide if they will help or hurt your success. With those dealing with any addiction, it is hard to let go of those close who will stop growth. You may find yourself needing to cut people out of your life for the short term for your own personal growth. An addictions counsellor will be able to help you understand what to look for, and what relationships may not be healthy for your growth.  

How Can A Licensed Insolvency Trustee Help Me? 

In Canada, a Licensed Insolvency Trustee is federally regulated, and can offer debt relief services. 

1.Consumer Proposal 

A consumer proposal allows you to pay to your creditors what you can afford, instead of what your creditors were demanding.  In many cases debt can be reduced up to 80%. The renegotiated amount is paid back in one easy to make monthly payment, allowing you up to 5 years to repay.  


We know that Bankruptcy is a heard word to hear and is often the last available option. Know that it can be a valuable resource to many struggling with overwhelming debt. We will be there to explain the program and help determine if it could be right for you.  

3-Debt Consolidation 

Debt Consolidation can help combine all of your debts into one, manageable monthly payment. While we do not offer this service, we are able to review it as a debt relief option and give you information on if it is an option available to you.  

We know that debt from gambling addiction can feel overwhelming and endless. We are here to support you throughout the process and want you to know that you are not alone. The Credit Counsellors and Licensed Insolvency Trustees at Bromwich+Smith can work with you and help you through this process. You are not alone, and you deserve to reduce gambling debt and have a fresh start. 

Bromwich+Smith has a number of debt relief strategies to help you regain control of your finances and get your life back on track. Reach out today for a free, confidential, no obligation consultation. Bromwich+Smith’s Debt Relief Specialists are available by phone at  1-855-884-9243,  Live Chat  or you can request a call back. at contact us page. We want to see you flourish!      


1: What percentage of Canadians engage in gambling on a monthly basis?

Approximately 60% of Canadians admit to spending an average of $6.75 per month on gambling activities.

2: What are the signs that gambling has turned into an addiction?

Seek help if you experience signs such as being unable to stop gambling, maxing out credit cards for gaming, borrowing money for gambling, or considering illegal activities to fund your habit.

3: How does bankruptcy work for relieving debt caused by gambling?

Filing bankruptcy due to gambling-related debt requires meeting additional special requirements, unlike the automatic 9-month discharge in a typical bankruptcy.

4: What debt relief options does a Licensed Insolvency Trustee offer for gambling-related debts in Canada?

A Licensed Insolvency Trustee can provide debt relief through options like Consumer Proposal, Bankruptcy, and information on Debt Consolidation, helping individuals regain control of their finances.

5: What steps can one take to address gambling addiction and debt?

It is important to clarify that seeking help for financial challenges can involve consulting with a Licensed Insolvency Trustee (LIT), while help for addiction should be sought from a counseling service.

6: What role does financial stress play in the development of gambling problems?

Financial stress isn't the common reason for starting gambling; however, it often becomes the first sign of a gambling problem, exacerbated by the ease of using credit cards or online platforms.

7: How can someone determine the right debt relief program for their gambling-related debts?

To find the right debt relief program, individuals must understand their debt, cash flow, and consult with a debt relief specialist or Licensed Insolvency Trustee for personalized guidance.

8: What support systems are crucial for overcoming gambling addiction?

Building a support system is vital. Surround yourself with people who support your decision to quit gambling, and consider consulting with an addictions counselor to identify healthy relationships for personal growth.

9: How can individuals reach out for help with gambling debts in Canada?

In Canada, only a Licensed Insolvency Trustee like Bromwich+Smith is federally regulated to assist with debt relief. Contact them for a confidential consultation and access to gambling addiction support system

Related Blog:

It's Possible to Gamble Responsibly

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