Gambling Debt – Gambling Addiction’s Consequence
A lot of Americans struggle with gambling addiction. Gambling is considered a big problem in the UK and Europe as well. This is because there is easy access to gambling in every single way – from land-based casinos, online casino sites and sports betting to lottery tickets and scratch cards. Because of that, a lot of people also have problems with gambling debt. We are going to talk about this aspect of gambling in our dedicated gambling debt article.
In the following paragraphs, we’re going to explain what gambling debt is, what are the reasons for people to have gambling loans and how to avoid them. We’ve also added a few useful tips that will help with both gambling addiction and gambling debt relief.
What Is Gambling Debt?
When you play at an online or land-based casino, there is money involved. This includes making deposits, withdrawals and collecting winnings. Even though this could be easily manageable, people who struggle with gambling addiction have it a little bit difficult, as they often end up in debt. We are going to share some common reasons why people often end up with a gambling debt.
Types of Gambling Debt
There are a few ways that you can manage your deposits and withdrawals at online casinos and at land-based gambling facilities. With that, there are a lot of ways that a gambler can add up to his debt:
- credit card debt
- loans from friends and family
- Overdrawn bank accounts
- money onto casinos and riverboats
- bankruptcy
Even if you know you are playing at some of the best online casino sites, where you won’t get scammed, it is still a problem if you don’t practice self-control and you continue “feeding” your bad habbit. It is important that a person acknowledges where his debt is coming from and start working on the problem by paying it off. When a person continues gambling, he continues to accumulate debt which may prevent him or her from fixing their finances. Therefore, it is important to cut off the source of funding.
What Is Bankruptcy?
When you have gambling debt, it can become very easy to reach bankruptcy. This becomes an option when you can no longer manage your debt. This includes getting behind on the mortgage, foreclosure and bill collectors harassment. This may affect your credit score and your future option to borrow from the bank. You can work out the debt repayment plan, or you might have to consult with a bankruptcy attorney in case things don’t go as planned.
Gambling can get a person into serious trouble, which is why it is so important to play responsibly and take care of our finances. In the next few paragraphs, we’re going to further clarify the reasons for gambling debt, how gambling addiction can be treated and how you can manage your gambling debts.
Reasons for Gambling Debt
As mentioned earlier in the article, the main reason for people to have debt is gambling addiction. Gambling addiction often stimulates people to spend more than they intend on gambling. This may result not only in gambling loans but also in an overall unhealthy mental state. This mostly comes from a lack of self-exclusion.
As there are many options for people to gamble and to get money to gamble, recovering from gambling addiction can be quite difficult. Compulsive gambling is a mental illness that must be treated properly in order to avoid such situations.
Gambling Addiction and Debt
Gambling addiction is a mental disorder that a lot of people around the world struggle with. It can be caused by a traumatic event in one’s life (death in the family, divorce), and it reflects in a person’s behaviour. Like sex addiction and bipolar disorder, those who are compulsive gamblers show a certain behaviour that can be easily recognized:
- mixed emotions
- a feeling of guilt afterwards
- depression and anxiety
- spending too much money on games
Gambling addiction can also be easily triggered by specific sounds, lighting and, above all, a winning game. When someone wins a game at the casino, the person gets so excited and, in his euphoria, he wants to play again and again. That, of course, is probably the main reason that people are struggling with gambling debt – a lack of self-control when it comes to spending money on games.
How to Avoid Gambling Debt – Responsible Gambling
Compulsive gambling can be easily avoided and treated if caught on time. There are a lot of ways land-based and online casinos operate against gamble abuse and gambling addiction. This includes well-established security systems and gambling control. As a player, you have the option to play with your own money or ask for a casino credit, that will allow you to play. We adivse you to read more about responsible gambling in the UK.
If you or a member of your family struggles with gambling addiction, we do advise you seek professional help. They are fantastic online and land-based facilities that specialise in gambling addiction treatment. You can also find a lot of information online on how to spot the illness, common symptoms, triggers and other useful reports and research materials. Great examples for such online platforms are GamCare and BeGambleAware.org for Great Britain.
We cannot miss to mention the ICRG in the US as well. There are also available hotlines for gambling addicts where you can seek help immediately from professionals 24/7 end contact forms that you can fill in.
Focusing on fixing the problem with compulsive gambling will help you with the issue with your gambling debt. It is important to practice self-control and self-exclusion when it comes to gambling. Of course, it is not always easy to do this on your own, which is why getting support from friends and family will help you go through this.
One major step that you can take to avoid gambling debt is to cut off your sources of funding. For example, you can ask a friend or a family member to change passwords on your credit and debit cards and online accounts at casino sites, as well as give them access to your finances. If you already have gambling loans, the most reasonable way to solve that problem is to pay off everything that you owe.
How to Pay Off Your Debts?
Now that you’ve acknowledged that you have a problem with gambling, and you’ve started treating the problem correctly, it is time to focus on the financial part. You must figure out where the gambling debts are coming from, based on the listed options a few paragraphs back.
If it is difficult for you to repay whatever is needed on your own, there are other available options that you can try, including: borrow, personal loan, self-assets, second job, settlement payment. Please be advised that some of these options may not be available depending on how big your gambling debt is. Consult with an expert!
Another useful tip is to create a budget. Creating a budget can help you manage your finances easier, and two have a specific amount of money only for gambling. Everything else in the budget should be separated in between other necessities like paying bills paying rent, and more. As mentioned earlier, you can give access to somebody else to your bank accounts and financial information. That way, a person that you trust is going to monitor your finances and is going to help you control and keep track of your money.
There are a ton of other useful tips online for how you can achieve a gambling debt relief for the future. We did say that it’s good if somebody else keeps track of your finances, as well as to avoid joint accounts or other legal documents that involve two parties. Pay your bills on time, separate a specific budget that is only for necessities like food, clothing etc. Don’t borrow money from other people and tell them not to lend you money, as this may trigger you into spending more on slots and table games.
Conclusion
Gambling addiction can affect a person’s life in different aspects, especially when it comes to money. Not practising self-exclusion can lead to gambling debt. It is important to seek treatment for the addiction and work on clearing out the gambling loan. There are a lot of available options and experts you can consult with on both. Play responsibly and keep your wallet in your pocket!
FAQ
We’ve gathered the answers to some of the top popular questions about dealing with gambling debt. Our expert editors have helped us out with gathering information. We hope this section serves as a useful guide for future references.
Similar Articles
