Gambling and Debt Help

Crippling debt is one of the most common outcomes of a gambling problem.

With some people gambling too much can lead to being short of money to spend on other things. At the farthest end of the scale problem gambling can lead to severe debt, bankruptcy and even attempted suicides when an individual sees no way back.

It can become very easy to lose control of your money when gambling excessively. As the money starts running out it becomes very tempting to gamble even more money in the hope of a big win in order to clear debts. More often than not though this just leads to even greater debts and more desperate gambling. It can get to a point where there seems no way back, and gamblers become to afraid to face their debts so just continue gambling.

One step at a time...

When faced with excessive debts the most important thing to do is not to panic. When trying to control your gambling, worrying about debts is one of the triggers that could lead back to problem gambling. It is important to stop and take an objective look at your overall financial situation, and remember THERE WILL BE A WAY OUT.

The following point could help you tackle your debt and control your gambling:

• Stop gambling when addressing your debt problems
• Take responsibility for your gambling and debt
• Share your problems with someone you trust and could support you
• Ask someone you trust to look after your bank cards for a period of time
• If necessary destroy your credit cards

Fortunately, there are steps that you can take to get yourself out of debt.

1. Make lists. Figure out what you own, and figure out what you owe. Take what you owe, and put the major debts at the top of the list. Paying off those debts first will reduce the amount of interest that you are charged. Once that is paid off, you can then move on to the next item on the list, and so on.
2. Do away with all credit cards. There are no buts, simply get rid of them. Do not roll over balances, ever. Pay them off and get rid of them. Call the credit card companies and tell them to close up the accounts.

If your gambling habits are causing you debt problems - you need to seek professional advice - contact Money Advice Direct as soon as possible. Call us on 0800 074 6918.