my friend has a gambling problem

[crazymoose]

My friend has probably lost 30 to 40k in the past 6 months playing online. He is not a terrible player (capable of beating low limit stud and 25/50NL) but he cannot just play those stakes. He will go on a run at low stakes and immediately jump up in stakes. Example. This past weekend he starts out playing 50NL. Wins about 5 or 6 buyins, jumps up to 100NL. Wins a bit there, decides to play a few big buy in multis (109s). Soon he is playing 20-40 and 30-60 stud, and 400 up to 2000NL. He has run through 3k in the last 72 hours and I have no doubt he will play until his current credit line is tapped out. He is trying to recover all his past losses all at once and does not seem to care that he is capable of grinding it out at the low stakes for a semi decent earn. He also tilts very easily and oftentimes after being stacked by someone he perceives as a fish he will beg them to transfer the pot back to him while he sits there not playing. .He does not have the money to cover his losses, but says that he doesn't care, as he thinks only his credit rating will suffer i.e jail/etc is not a possibility.

First of all, is that contention correct?

Secondly, wtf should I do, if anything?