Gambling Debt

Excessive gambling is a problem which can lead to significant debt. The repetitive cycle of gambling money away, chasing losses, borrowing more money in the hopes that the next win will be large enough to break even again or – better yet – to make a profit, then incurring yet more financial loss is a destructive and addictive one. It is not uncommon for this cycle to lead to further, more severe debt or even potentially to bankruptcy.

The compulsion to gamble can lead to ‘borrowing’ from savings accounts, retirement funds, investment portfolios, through the use of credits cards or payday loans – and any other avenue where credit is available.

Gambling debt can very easily pile up. Like any debt, the deeper you sink the harder it can be to get back out again, leading to unpaid bills, maxing out credit cards, turning to payday loans despite the high interest rates which only exacerbate the situation. In no time at all, it can become very hard to manage.

Individuals suffering under significant gambling debt can face serious financial consequences. They may receive a court summons for failing to make payment on the debt or even face repossession action on their homes.

The feeling of being trapped in debt can lead to drastic action, such as stealing or borrowing from those close to you. The stress of gambling debt can also lead to a decline in mental health and cause issues in your personal relationships.

Since gambling debt can accumulate so quickly and the money to fund the habit come from so many sources, it typically goes unnoticed by even close family. Getting on top of gambling debt is difficult but doable, and there are many resources available to you if you are struggling with the compulsion to gamble or with debt.

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