What Is Gambling Debt? 6 Tips For Tackling Gambling Debt

There is a difference between expected losses from gambling and behaviors that make it hard to quit gambling and lead to heavy debts. The covid-19 lockdowns have left people even more vulnerable to gambling debt and addiction risks, as we are trapped indoors and addicted to our screens.

During the first months of the epidemic, search interest in online casinos reached an all-time high in the UK. Meanwhile, the Gambling Commission found that roughly one-fifth of gamblers had increased their gambling since the epidemic began.

That is understandable. It might be hard to avoid gambling advertisements, especially when you’re online or watching live sports. However, this may change; a YouGov survey for the Royal Society for Public Health indicated that 63 percent of adult respondents backed a blanket ban on gambling advertisements.

If you are in debt due to gambling, you should know that you are not alone. However, methods, resources, and services are available to help you eliminate your gambling debt and regain control of your life.

What Is Gambling Debt?

Gaming debt refers to any debt incurred as a result of gambling activities. In other words, the money owing to a gambling party, whether a casino, bookmaker, organization or individual. Gambling debt and other types of debt can harm the debtor’s financial and mental health.

This might be accomplished by using credit cards, personal loans, and overdrafts to support gambling or failing to make the mortgage, loan, credit card, and bill payments after diverting cash to gaming.

Six Tips For Dealing With Gambling Debt

It’s natural to feel overwhelmed when you realize you have gambling debt. There’s no cause to criticize yourself or feel that your life is ending. Instead, devise a strategy to address the debt before it spirals out of hand. Even though it feels overwhelming, you can effect change.

Debt is debt, regardless of how it manifests itself. You may manage debt if you get ahead, whether because of too much gaming or spending more on a car than you can afford. Here are six strategies for dealing with gambling debt and putting yourself in a better position to move on.

Tips 1: Make A List Of Your Debts

Make a list of what you owe and to whom you owe it. Making a concrete list of casinos, bookies, banks, loan sharks, bank accounts with overdrafts, or friends and relatives from whom you’ve borrowed money gives you a starting point. To prevent further debt, make sure you precisely sum the amounts you owe each.

Tips 2: Make A Budget

If you don’t have a monthly budget, this can significantly impact how you see your finances. Using envelopes to keep your budget tidy will help you realize how much money you have left to deal with every month if you have a lot of cash on hand rather than dealing with your money online. Just like when gambling, keeping to your budget is critical! Don’t change it on the spur of the moment. This will further exacerbate the situation in the coming months.

Tips 3: Start Pay Your Debt

Begin repaying each business or individual on your list as much as possible, but paying off everyone in full is critical. If you can achieve it without harsh methods, that’s fantastic. Selling excess in your house might help you accomplish your goal.

Tips 4: Maintain consistency

If you’ve agreed to pay off your debt with the bank or a bookie, stick to your payments. You should avoid skipping costs or paying less than what was agreed. This increases the strain on you in the future, and the firms you owe money may resort to legal action to collect their money.

Tip 5: Think About Consolidation

If you’re having trouble paying off your gambling debt while still managing the rest of your budget, you might want to explore debt consolidation. Banks and consolidation firms are eager to assist in making this a reality. You will need to document what you owe and how much you earn before allowing the debt managing firm or bank to manage your obligations on your behalf.

This implies you’ll make one large payment to them each month rather than several smaller payments to several firms. Often, the firm handling your debt consolidation will be able to negotiate lower monthly (or total) payments to help you pay off your obligations faster.

Tip 6: Look For More Job

Finding a side hustle or second job may be difficult if you currently work a 9 to 5 job, but it might be the difference between paying off your debts swiftly. Using all of the income from your second employment might help relieve pressure on your existing budget.

Conclusion

Finally, understand the warning indicators. As someone who has already battled gambling debt, you recognize the warning indications that you’ve gone too far. If that’s the case, contact customer service and request to suspend your account until further notice.

Gambling debt is much worse than making the right choice for yourself and your finances. Don’t be discouraged by your debt; you’ve got this!

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