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.
The best way to deal with your debt is to deal with it head on. Though that doesn’t need to be alone.
We can help you each step of the way for you to becoming debt free.
Use our debt calculator to find out if we can help you.
Solutions Scotland is a trading style of Milton & Stirling Ltd – Milton & Stirling | Debt Advice Specialists
Please note should you enquire you will be called from a Milton & Stirling debt advisor, we do not sell your data on to marketing companies.
Company Number SC587851
DPA number ZA431921
Milton & Stirling Ltd are an Appointed Representative of MichaelAlan Ltd who are authorised & regulated by the Financial Conduct Authority, FRN 690939.
As part of our free service, we’ll review your financial situation, explain the available options and recommend a debt solution which is suitable for you. The risks of all suitable solutions will be explained clearly and if you decide to go ahead with a debt solution we will refer you to one of our trusted providers who specialise in the management of that debt solution. We’ll be paid for introducing you or for the preparatory work we do, depending on your debt solution fees may be payable if ongoing services are provided. Read about fees and key information in our terms & conditions.
To find out more about managing your money and getting free debt advice, visit Money Helper, an independent service set up to help people manage their money.
You can find out more about our services and how we handle your information in our Privacy Policy
For complaints see our Complaints Handling – Policy and Procedures