The Scale of Gambling Debt

Gambling debt typically occurs when you are no longer able to control what you do due to a gambling addiction. It is this underlying problem that compels you to set aside your normal rational thought process and take risks you would not normally dream of taking.






The Scale of Gambling Debts

According to a study by the University of Connecticut in June 2000, problem gamblers had accrued an average gambling debt of $68,000. This figure increased to $112,000 for bankrupt gamblers. Each category wagered an average of $2,900 and $5,000 per month, respectively.

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Do You Have a Gambling Addiction?

A gambling addiction exists if 5 or more of the following apply:

1. The individual is preoccupied with gambling.
2. The individual needs to gamble with increasing amounts of money in order to achieve the desired excitement.
3. The individual has repeated unsuccessful efforts at stopping.
4. The individual is restless or irritable with attempting to cut down.
5. The individual gambles as a way of escaping from problems or of relieving a dysphoric mood (i.e., feeling of helplessness, guilty, anxiety and depression).
6. The individual, after losing money gambling, often returns another day to get even.
7. The individual lies to family members, therapist, or others to conceal the extent of their gambling addiction.
8. The individual has committed illegal acts such as forgery, fraud, theft, or embezzlement to finance gambling.
9. The individual has jeopardized or lost a significant relationship, job, education or career opportunity because of gambling.
10.The individual relies on others to provide money or relieve a desperate financial situation caused by gambling.

* Source: American Psychiatric Association's Diagnostic and Statistical Manual oriental Disorders, Fourth Edition.

Before gambling debt can be tackled, it is essential that you get help from Gamcare, Gambler Anonymous (GA) or another recognised source of help. Until the gambling addiction is under control, it is pointless trying to deal with any debt as it will return. You cannot simply reduce the amount you gamble, you have to stop permanently. Once the gambling addiction is under control, it is then possible to identify a suitable debt solution in order to clear any money owed to creditors.

The first step on the road to recovery is admitting that you have a problem. Now that your gambling addiction has been dealt with, it is possible to consider a suitable debt solution to clear your gambling debts.