Gambling During Football Season Can Lead To Uncontrollable Debt

Casinos in Las Vegas and other gambling hotspots worldwide will be buzzing until February, taking wagers on the college football bowl games and professional football playoff games, including the Super Bowl.

Internet-based gambling outlets will also get a major chunk of the betting action. Unfortunately, many gamblers place their bets using credit cards or other credit sources.

Gambling is a quick path to poor credit and financial ruin. Unfortunately,  a lot of people can’t control themselves or their finances while wagering. Problem gamblers draw cash from their credit cards or obtain lines of credit at casinos.

You Could Lose Betting With Credit

Gambling addiction is insidious. It can ruin careers and personal relationships. Getting overextended by relying on credit can waylay a gambler’s finances. Many peoples’ incomes can’t keep up with their gambling habit.

About 2 million American adults are considered pathological gamblers, according to the National Council on Problem Gambling. Some criteria for pathological gambling, according to the council, are:

• Gambling longer than you planned
• Gambling until your last dollar is gone
• Losing sleep because you think about gambling
• Exhausting your income and savings through gambling while your bills go unpaid
•  You have made many unsuccessful attempts to stop gambling
• You have broken the law or considered breaking the law to fund your gambling
• You have borrowed money to finance your gambling
• You become depressed over gambling losses
• You feel remorse over gambling
• You gamble to meet financial obligations

The National Council on Problem Gambling estimates 4 million to 8 million Americans are considered problem gamblers, people who fall short of the criteria for pathological gamblers. For many gamblers, poor credit is not far away.

Most Americans know of the two primary U.S. gambling meccas – Las Vegas and Atlantic City. However, casinos are popping up throughout the country – often a short car ride away for many Americans.

Many people are content to spend a few hours pulling on the slot machines or saddling up to the poker table without a major blow to their wallet. They’ve budgeted for their fun in order to avoid bad debt. But to others, gambling is an uncontrollable fixation like alcohol abuse or drug abuse.

Ways Gambling Targets Credit

A credit card is a bad tool for a problem gambler. The card can be used to draw more money from an ATM when the winnings run out. ATMs in casinos typically aren’t from traditional banks and access transaction fees sometimes several times more than the normal amount.

A U.S. law doesn’t allow the use of credit cards for online gambling. Also, some major U.S. and international banks are prohibiting the use of their cards for gambling. Brick-and-mortar casinos also offer a line of credit to some customers. Some people even mortgage their homes to feed their gambling addiction.

Tips To Prevent Gambling From Putting You Deep In Debt

Whether a high-roller or a 5-cent slots player, there are ways to prevent credit problems while gambling.

• Set limits, set limits, set limits. Don’t gamble more than you can afford to lose
• If you have a gambling problem, seek some type of professional help or counseling.
• If on an out-of-town gambling excursion, leave the credit card back in the hotel room
• Use the buddy system. You and your companion can encourage each other to stick to your gambling budget.

People with gambling problems have many outlets to help tame their addiction. In turn, a strong form of debt relief can help remedy their debt problems at the same time.

Author bio: Brian Williams, a graduate of the University of Texas at Arlington, has 11 years’ experience writing and editing at daily newspapers in Texas. Learn more Credit Solutions. Credit Solutions is your alternative to debt consolidation.