Gambling debts

Debts can soon spiral out of control if you are gambling more than you earn. Most people do not have much money left over after paying bills, rent or mortgage payments and other living costs, especially if they have children, so a gambling addiction can make a huge difference to the amount of money available each month. As the addiction becomes more advanced, gamblers will find that they try other avenues to try and raise money for gambling, aside from their monthly wage and they may take out loans, use credit cards, borrow money from friends or relatives and in extreme cases, steal.

If you fall into debt you will find that other areas of your life become affected. Your relationships with others may become strained, you may start to feel anxious about dealing with debt collectors, which may make you jumpy whenever the phone rings or there is a knock at the door and you will find that other areas of your life, such as your social life and performance at work, become hampered.

The more debt you get into the harder it is to deal with, especially if people around you have no idea that you are in a lot of debt due to gambling. Soon you could be completely out of your depth and struggling to find ways to pay off even small proportions of your overall debt.

As you fall in to more debt, it can become increasingly tempting to try and win money back. However, the odds will always be stacked against you and continuing to gamble will only plunge you further into debt.

Make a change

If you find yourself in debt and you want help to start paying it off and cut down on gambling, try to be honest and up front with the people around you and take steps to regain control of your finances. Ask someone close to you to take control of your bank cards and bank account while you get yourself together, and destroy credit cards to remove temptation. Try to make lists and stick to a strict monthly budget. You can seek help from a professional debt service, such as the National Insolvency Helpline.