Gambling debts are debts related to gambling. While gambling can be a fun leisure activity for some, it can be highly addictive for others and cause financial hardship for those that are susceptible to gambling addiction.  If you are in this situation, it can be hard to see a way out – but gambling debt help is available. At MoneyPlus Advice, we’re here to support you in choosing debt solutions that help you to solve your financial problems and start living your life again without the stress and difficulties that problem gambling can bring.
For information on how to manage your debt and to access free debt advice, visit www.moneyhelper.org.uk. You can also discover more about your options when it comes to paying off your debt.
How do I know my gambling is a problem?
Falling into gambling debt can happen to many different people for different reasons but there are warning signs that your gambling is becoming a serious issue. These can include:
- Spending more money than you can afford on your gambling
- Always thinking about gambling
- Sustaining your gambling by borrowing money or selling your belongings
- Lying to your family and friends about gambling
- Using loans to pay for further gambling
- Missing payments such as rent, bills and priority repayments
- Feeling more anxious, depressed, or irritable
Gambling and Mental Health
Problem gambling is often linked with mental health issues such as addiction, stress, depression, and anxiety. Gambling addictions can form for many reasons and are often a product of underlying issues with addictive and compulsive behaviours.
Problems at an early age, such as having a parent with gambling problems or being pressured to gamble, can often lead to gambling addictions later in life.
Gambling addiction is an addiction that can become as detrimental as using drugs and alcohol and can change how your brain releases dopamine, meaning that previously enjoyable activities no longer interest you.
Luckily, there is support out there for people suffering from gambling addiction and many mental health services that can help those suffering to get over their addiction.
These include the National Gambling Helpline, which offers 24/7 specialist support for those who need professional help. You can contact the National Gambling Helpline at 0808 8020 133 or visit them at National Gambling Helpline.
You can also contact your GP for counselling and support services.
For continued support to help you stay on track, you can look out for support groups such as Gamblers Anonymous and SMART Recovery.
Self-Help tips to stop gambling:
Breaking the cycle of gambling addiction can require commitment and determination. Here are some self-help tips to support you on your journey to recovery:
Identify the situations, places, or people that trigger your urge to gamble. Make a conscious effort to avoid these triggers and replace them with healthier activities or hobbies.
Use tools such as self-exclusion schemes, blocking gambling websites on your devices, or handing over control of your finances to a trusted person to create barriers that prevent impulsive gambling.
Surround yourself with supportive friends and family members who understand your struggle and can provide encouragement and accountability. Share your journey with them and ask for their assistance in staying away from gambling.
Find alternative ways to deal with stress, boredom, or other emotions that might have previously driven you to gamble. Engage in activities such as exercise, mindfulness, hobbies, or pursuing new interests to redirect your focus.
Gambling problems and debt
Gambling addictions can often lead to debt troubles. When fuelling a gambling addiction, taking out loans and selling assets can seem like a good idea. However, this can quickly get out of hand, and people suffering from gambling addiction can find themselves losing track of their debts as gambling becomes the only concern.Â
Luckily, if you have found yourself on the other side of a previous or current gambling problem, there is support out there to help you tackle your gambling debts and get back to financial freedom.
Are you struggling with debt?
There are always solutions, no matter what your situation.
At MoneyPlus we understand that every financial situation is different, and approach every customer with the care and individuality that they deserve.
So, get in touch today and start living better with MoneyPlus Advice.
Clearing your gambling debt
When trying to clear your gambling debts, it’s important to assess your debt situation and ensure that all of your debts and priority bills are accounted for.
Once you’ve established your financial situation you’ll have a better idea of how to begin repaying your debts.
It’s important to ensure that any priority bills are covered. These include:
- Council tax
- Child maintenance
- Mortgage/rent payments
- Gas/Electric
Once you have established a budget that covers your essentials and priority bills, you can look to tackle your gambling debts.
It’s important to be upfront with your creditors about your financial situation. If you are struggling to keep up with payments or fear you may fall behind on your debts, you need to let your creditors know. Many debt collection agencies have options to help vulnerable customers and you may be able to change the terms of your repayment scheme to work better for your current situation.
Finally, it’s important to contact a professional debt advisor for expert debt advice. With their guidance, you can receive help in setting up a debt solution that works for you, ensuring that you can more affordably and comfortably repay the money you owe. Â
To find a solution that’s right for you, check out the information available here on the MoneyPlus website.
For free debt advice, you can visit debt charity Money Helper.
How do I clear my gambling debt?
Clearing your gambling debt can require some financial discipline and it may take time to finally get ahead of, but with some persistence, you can do it.
Here are some steps to help you clear your gambling debt effectively:
- Budgeting and Prioritisation:
Create a budget. This should outline your income and all current expenses. Allocate as much money as possible towards debt repayment but ensure that you have enough for your priority bills and living expenses. Prioritising high-interest debts first can minimise additional interest charges.
2. Negotiate with creditors:
Contact your creditors and explain your situation honestly. Many debt collection agencies have repayment plans and options for clients struggling, they may be willing to work with you to develop a plan that is more affordable. Negotiating reduced interest rates or waiving additional fees can make your debts more manageable.
3. Seek professional advice:
The most important step when trying to get debt-free is to seek debt advice from someone who is regulated to advise on all available debt solutions. They can provide personalised advice, negotiate with creditors on your behalf, and guide you through the process of setting up a debt repayment solution.
Gambling debt and credit scores
While gambling activity won’t show up on your credit report or directly influence your credit score, gambling, particularly in the case of gambling debts, can have a detrimental impact on credit scores if left unpaid. Failing to keep up with your debt repayments can incur arrears and defaults, all of which will have a negative effect on your credit score over time.
Your credit score is an aggregate score of your overall creditworthiness; it is measured through your prior lines of credit, including things like prior credit cards, financing agreements, and other credit taken out.
As gambling itself is not a form of credit, gambling activity will not have an effect on your credit report. However, gambling can lead to gambling debts such as: cash advances, casino lines of credit, and payday loans. These can have negative effects on your credit score if you are unable to repay them.
Are you struggling with debt?
If gambling has caused you to fall into debt and you’re struggling to find a way out, we’re here to help.
At MoneyPlus, we can talk you through the debt solutions available and help you choose the right path for you.