The Slippery Slope to Ruin

Barefoot,

A few years ago I was on a high income, with $60,000 in savings for a home. But after being made redundant two years ago I have blown so much money gambling. I have been sliding down the slippery slope to where I find myself now, on a low income struggling to pay my credit cards and personal loans (which I used to be able to service comfortably on my income). I have $40,000 in credit card debt, $12,000 in personal loans, and around $20,000 of other debt. Should I seek access to my super? If not, what can I do?

Max

Hi Max,

Let me guess: you got caught up in sports betting, right?

The number of young men in the same boat (and the betting companies actively target young blokes) is frightening -- it really is the new pokies.There are only two winners out of this devastation: the gambling companies, and the government (via taxes). For its sins, the government trickles a bit of their winnings into gambling crisis services, which can help with your all-too-common situation. You’ve paid for their services over and over again, so call them on 1800 858 858.Now, you may be able to access your super based on financial hardship. The minimum you can get is $1,000 and the maximum is $10,000, and you can only make one withdrawal in any 12-month period.

However, you shouldn’t, for a couple of reasons: first, if you still have your addiction (or you relapse), you could end up gambling it away. Second, without any assets, it’s highly likely you’ll be advised to go bankrupt, and if that happens, your super will be protected.So repeat after me: “I will NOT access my super.”

Max, you already know that the odds are stacked against you. All you can do now is fight.

To see what that looks like, read on.

Scott