Gambling & Credit Card Debt

Gambling often leads to credit card debt.

Casual gambling can turn into a serious addiction that quickly depletes finances. Gamblers often turn to credit cards to fund their habit, only to find the mounting debt overwhelming.

Statistics

According to the SMR Research Corporation, 90 percent or more of those suffering from gambling addiction use credit cards to gamble. Approximately 10 percent of bankruptcy filings are linked to gambling losses and over 20 percent of compulsive gamblers end up filing bankruptcy due to gambling losses.

Easy Credit

Credit cards make for easy gambling.

Easy access to credit makes it simple for the compulsive gambler to fund his addiction. The very act of funding gambling with credit cards indicates a gambler has gone from recreational gambling to problem gambling.

Recommendations

Friends and relatives of gamblers should look for behavior indicating that the gambler is funding her habit with credit cards and be prepared to intervene when necessary. Canceling jointly-held credit accounts and directing the gambler to therapy or support groups can halt debt growth before it grows out of control.

References

• Gambling on Dischargeability: Justice.gov
• Gambling on Credit: Gambling Help

Resources

• Debt Consolidation Connection: Gambling Debt