Hey everyone I’m in a very unfortunate financial situation currently and I can really use some advice. I’m currently 50k in credit card debt and I’m busto from recently purchasing some real estate and getting burned from stocks. I’m a solid winning player both live up to 5/10 (1000hrs lifetime) and online up to 1knl (over 2mil hands lifetime).

My plan was to somehow borrow some money from friends or family just enough to grind up a roll and then pay it back. I don’t question my poker abilities at all as I’ve had quite good results. I also thought about getting a loan too but my credit has become very bad recently.

I’m not really sure what I can do and any help would be appreciated. My mental state has taken a toll which I think has been affecting my poker mental game as well. Didn’t give all the details so lmk if there are any questions.




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stop trying to get rich with all your money and others money and you won't have these problems for future reference.
make your expenses as low as possible, keep healthy, and start earning a income though a job. pay some of your income towards your debt and bills.


if you have enough left over after dealing with creditors, paying bills and paying some money into a emergency account then go and invest in some high risk stocks or some mtts or shares in players playing mtts where you can make big amounts.

you need more money to play poker at the moment really. borrowing more when your already in the **** will cause you more headaches if you go on a downswing which could happen.

what were your expenses like before and during the time you got into 50k into debt? were you investing all the money from credit cards or spending it on other ****?

Had to pay around 4k a month from rent and other expenses but I was also bad with spending too. The spending has since gone down but I could spend a little less on food. Also I did use some of the credit to invest which was definitely a poor choice in my part


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so you wanna play poker rather than work? You could work part time to pay your creditors pretty much guaranteed each week/month so they ain't on your back and go and borrow from someone to play poker 30 hours a week.

are you a family man?

I’m pretty close to my family. Also for the job, I don’t have a college degree and I’ve only had one job in the past. Idk if working a job would be worth but I’ll def consider it since it’s guaranteed money


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Stop playing poker. Use the borrowed money from friends and family to pay off your debt first. Work with the highest interest debt first.

If you go and use your family and friends money to go play poker, they are going to be so pissed off at you.

You need to get a steady paying job and use that to pay off your debt. Any debt that you can't pay off right away should be transferred to lower interest debt if possible.

Also, get creative. You could even set up a go fund me page or do odd jobs on the side.

How much equity in real estate? You have to deleverage, not take on more debt.

Stop borrowing money from friends and family.

You will never pay off that $50k in credit card debt.

Talk to a bankruptcy attorney.

never say never but its a tougher road especially for someone who won't likely have a big enough income to pay it off.

I agree talk to a bankruptcy attorney. go and get a job, save us much as you can and go and play live poker if you really love poker. you need money though and the job will give you that.

I have 1/3 of a property that I split with two other friends. It has two units along with an ice cream business that recently opened for the season. The property is located near the beach. Business has been slow but apparently picks up when the weather gets warmer and high schoolers are on summer vacation


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I’ll consider talking to a bankruptcy attorney, haven’t thought of that idea yet and just read a little about chapter 13. Idk if I would even be able to borrow from friends or family anyways since I’ve done it before and have recently just paid them back. Still owe family around 20k however


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yeah don't play poker for a living.

At 26% APR $50k in creditcard debt equates to an additional $1083 in interest per month. So even if OP who has only had one job in his entire life manages to get a $50k/year job he would still have trouble making a dent in anything more than the interest. Bankruptcy is the best option in this case IMO.

For a guy without a current day job, actually impossible.

So you owe $70k, not $50k.

Sorry bro... Bankruptcy, ASAP.

Try to work something else out with fam/friends. Mow their lawns, do their dishes, whatever... But stop borrowing $$$ immediately.

First you say $50k. Then it's $70k. What else are you leaving out?

You are spread way too thin. Based on what little info you've divulged, you could be anywhere from a gambling addict heading to total ruin to a dude who just needs to plug some massive leaks in his (life) game

Be honest with yourself. Are you an addict? Stop playing poker and figure **** out (with your life, the debt is irrelevant by comparison)

If not, then you are terrible with bankroll management and liferoll management too. You obv spread yourself way too thin and throw caution to the wind if you rely on risky ventures only (a business, stocks, poker, no degree, no job, maxed credit cards, borrowing from friends and family for what? grinding out a roll out of desperation?)

Take a step back. Reflect on how you're living and wtf you're actually doing. And like in every decision in poker, ask yourself what are you trying to accomplish (grand scheme, forget the debt for a minute)?

My take is that you need to solve (curb?) your lifestyle and spending problems first. I say that because that's the root cause of why you're in debt in the first place and you will end up there again or worse if that isn't figured out first. If you're truly a profitable player, then discipline sounds like your problem. Work on that too, power is nothing without control.

What job/income are you capable of? Bankruptcy is an option you should at least explore to see what your options are, but it's possible you could just sort of go into a hybrid of work/grind poker if your hourly for both is high enough and hustle that for a temporary amount of time to chip away at all debt...But you need the discipline to map that out and execute. Good luck

You need to liquidate this asap and put every penny towards the credit card. Then get two jobs until your family is paid back. You can probably be debt free in 3-5 years.

Call a debt settlement attorney.

This is the last thing to do.

Absolutely do not liquidate real assets to pay off credit cards. Only if you are directed to do this by a bankruptcy court should you do this.

There is approximately zero chance you can pay of $70k in debt in 3-5 years unless you have ~$30k or more in annual free cash flow. I'm talking about paying $2500-3000 per month on the debit principal, above and beyond the interest payment.

http://www.gamblersanonymous.org/

Go there, please find a meeting. It absolutely does not matter if you think you have a gambling addiction or not. Go there to see where your life could very well be heading, and meet other people who were in your exact same shoes just a few days/months/years ago. I bet you leave there with a clearer head on all your problems, including the financial ones.

I fail to see how bankrupting oneself in order preserve a one-third stake in a failing ice cream business could possibly be a good idea. He's burning thousand(s) of dollars a month in credit card interest to carry that property. He didn't even say what it's worth. Maybe he could be debt free tomorrow.

not to pile on here OP but I think, as other have posted, you need to really take a step back and reassess some things in your life. It's possible to dig out of the hole you're in, but whether you do that or go the bankruptcy route it wont matter so much if you dont have a clear plan in your head of what you want to do/how you want to get there in the broader sense of things. getting lucky or getting these things fixed in one fell swoop might be a bit of a stretch, instead find a way to consolidate your liabilities and just start grinding back with a regular source of income (not gambling)/full time job.

BOL

The very first thing you must do is quit gambling until you get things under control. Yes, poker is gambling, no matter how good you think you are. Quit it.

I honestly have no solid advice to give you, but I hope you figure things out. No matter how you decide to go about it. Best of luck, bro.