Gambling is a popular pastime that many people manage responsibly. However, issues can occur when an addiction to gambling causes people to bet money they don’t have. That is why gambling addiction is such a fast track to incurring debt. Gambling too much may easily become a way of life, put a strain on families’ finances, and lead to debt issues that have major repercussions. In this article, we will go over how gambling addiction can lead to debt and the steps to getting help.

What is gambling debt?

Any debt incurred as a result of gambling is considered gambling debt. In other words, the money owed to a party on whom you have wagered, such as a casino, a bookmaker, or another organization or individual.

When gambling debt mixes with other types of debt, it can be extremely harmful to the debtor’s financial situation and emotional well-being. This could happen if you finance your gambling with credit cards, personal loans, and overdrafts, or if you stop paying your mortgage, bills, loans, credit cards, and other bills after spending money on gambling.

How can a gambling addiction affect my life?

Personal finances

Those who suffer from gambling addictions are likely to have financial issues. This might mean anything from needing to reduce your spending to make room in your budget for gambling to running out of money completely before the end of the month for important expenses. Gambling addiction often precedes debt. People tend to fuel their addiction with overdrafts, payday loans, credit cards, etc., and they could even be driven to bet more in an attempt to pay off these debts. This could start a vicious cycle that makes it more difficult for you to manage your finances.

Mental health

Anyone’s mental health can be negatively impacted by debt issues, and studies have shown that gambling addiction can cause anxiety, low self-esteem, depression, and even insomnia. Like any addiction, gambling can also make people lose interest in activities they formerly found enjoyable, which may encourage them to gamble even more. It’s a never-ending circle.

People who are predisposed to mental health problems may use gambling as a diversion. However, doing so often makes the issue worse.

Relationships and job

Money issues caused by gambling often result in disputes between couples, which may prevent them from discussing the issue. Gamblers who have an obsessional urge to win may wind up playing the game more often and spending less time with their loved ones, friends, or partners.

It might also have an impact on a person’s job and the relationships they have at work. Gambling addiction can result in anxiety and a loss of attention, which can cause people to become distracted at work or find it difficult to concentrate, putting their jobs at risk.

Steps to Overcoming Gambling Addiction

When you have decided to stop gambling, it might be difficult to know where to begin. But there are resources or tips available to support you on your path. They include:

Timeouts

On gambling websites, you can disable your account access for a specified period of time, typically starting with 24 hours and lasting up to a few weeks. It allows you to take as much time as you need to reflect on your gambling behaviors.

Self-exclusion

A self-exclusion is a more prolonged kind of timeout. You have the option to self-exclude from a gambling service for a minimum of 6 months and a maximum of 5 years.

Site blockers for gambling

Blocking software can assist you in quitting gambling by blocking access to the gambling sites you visit.

Open up to friends and family

One way to feel more motivated to solve the situation is to simply talk things out with a trusted friend or family member.

Conclusion

Gambling debt can have a significant negative influence on your life. At EmpireOne Credit, we’re here to listen, understand, and guide you to the best solution you need to address your situation. We will not judge you for being addicted to gambling and thereby incurring debts.

Get the help you deserve and live that debt free life. Debt Free… Feels Good!

For confidential, quick, and friendly debt advice, contact us today.