How Do Problem Gamblers Put the Financial Income of their Families at Risk?
Problem gamblers face more than financial difficulties; they also have a higher possibility of having substance abuse issues. They may have poor mental and physical health. Such addictions affect the entire family, causing significant stress and family problems, according to "Compulsive Gambling: You Aren't Just Harming Yourself" on the CRC Health Group website.
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Problem Gambling Defined
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The National Council on Problem Gambling describes "problem gambling" as any "gambling behavior which causes disruptions in any major area of life: psychological, physical, social or vocational." Problem gambling is characterized by preoccupation, a need to bet more frequently, irritability when attempting to stop and loss of control of actions despite negative consequences.
Credit Card Debt and Bankruptcy
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Individuals with gambling addictions are likely to have significant levels of credit card debt. The financial situation may be dire enough that a family has had to file for bankruptcy, according to the compulsive gambling article. According to the National Gambling Awareness Week organization, "in 1999, the National Gambling Impact Study Commission estimated the annual cost to society of problem gambling [at] $5 billion."
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Illegal Loans, Second Mortgages
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Gamblers may have taken out illegal loans, those in which they've lied about income, the use of funds, or even forged a spouse's name. The compulsive gambling article reports that some gamblers finance their addiction with a second mortgage.
Delayed Savings
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The compulsive gambling article notes that in addition to the funds that a gambler spends, there is a significant impact on a family's financial state due to the funds that a gambler isn't saving. Few gamblers are able to save for their children's college education, not to mention their own retirements. Emergency accounts are less likely to exist and retirement will be underfunded.
Protecting Assets
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The Responsible Gambling Council provides tips for family members in protecting assets. A spouse should keep track of all money spent and owned, consider changing bank accounts and mortgages to prevent joint access and try to assume control for the gambler's credit and ATM cards. Seeking professional help from a financial adviser can be helpful. Most importantly, a spouse should not rescue the gambler or enable him by paying off debts.
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References
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