Gambling Debt

Debt is becoming more of a problem than ever in this country with gambling being one of the easiest ways to get you into financial difficulties.

The Facts
Within the United Kingdom, gambling on credit is not actually illegal. It is illegal for a gambling outlet to let customers pay later but the problem is that the law cannot be used to make sure that the debt is later repaid for money taken on credit. However, should someone lend you money and you go on to lose this whilst gambling, you should be aware that the person who lent you the money is able to use the law to regain this.

Gambling yourself into debt
You may initially start gambling just for a bit of fun and only participate very occasionally. However if you start gambling more often and with large sums of money it can become an addiction and you may find you are low on money. Depending upon the extent of the problem you may find that it can lead you to severe financial problems, debt and possible bankruptcy.

One of the biggest pitfalls with gambling is that the more you lose the more you bet to try and recoup your losses. Sadly this often leads to even more debt. Eventually you will find yourself in a situation that you feel you cannot get out of. It is important however that you face this and seek professional help and guidance for both the debt problem and the gambling problem.

It is vital that if you are going to gamble, that you do it responsibly and know when to stop. It is easy to forget that when you gamble online you are still gambling with real money, so keep track of what you spend.

You should make sure that when you seek help to stop gambling, you may need to destroy any cards that you may be tempted to use. If you do have a serious problem then it could be a good idea to contact a service dedicated to helping gamblers and try to prevent the situation from happening again in the future. Our helpful contacts page has a number of resources and help lines for your use.