Gambling Debt

For someone that becomes addicted to gambling the affect on their lives, their relationships and their finances, will invariably be catastrophic.

Personal Finances

For someone struggling with compulsive gambling they will inevitably experience financial difficulties, which may manifest as anything from having to cut back on non-essential spending or being unable to pay essential bills. The position is likely to worsen when, to fund their habit, they start to borrow money on mortgages, overdrafts, credit cards, or payday loans. Often, more money is then borrowed and gambled in an effort to pay off the debts, leading to a vicious cycle of debt.

Mental Health

As with all addictions, gambling creates extreme lows and highs and can have a profound effect on a person’s mental health causing low self-esteem, anxiety, insomnia, loss of appetite, and even depression. People who already suffer with mental ill-health might use gambling as a distraction, which invariably will make things worse rather than better. Gambling, will take over someone’s life at the expense of everything else they love and enjoy, making the lows worse day by day.

Relationships

Gambling and the financial strain that it will inevitably create, will cause real harm to relationships both personal and professional. Adversely affecting, not only home and family life, but also career prospects and the ability of someone to even hold down their job.

Bankruptcy and gambling

If you are made bankrupt and it’s proven that gambling contributed to your insolvency, then there is a possibility that you could be prosecuted by the Official Assignee.