If you’ve developed a gambling habit or are struggling to control your spending, we’re here to help with our quick guide on how to beat gambling debt
How can I tell if my gambling is a problem?
Gambling can be fun; you might enjoy trying your luck at the lottery each week, having a flutter on the horses, or playing the odds on your team coming out on top on a Saturday afternoon.
But when does gambling go from a pastime to a problem?
If you’re worried that your gambling is getting out of hand, consider how it’s affecting other parts of your life, especially your relationships and your finances.
Your gambling might also be becoming a problem if your main motivation for placing a bet is the potential monetary gain rather than enjoyment. Viewing gambling as an alternative to saving or making lower risk investments could mean it’s at risk of being an issue.
Other signs that your gambling is problematic might include:
- Borrowing money from friends or family, taking out a loan, or using your overdraft to fund your gambling habit
- Continue to gamble to try and win back the money you’ve lost
- Lying to the people close to you
- Struggling to cover your essential costs
- Missing bills and debt repayments because you’ve spent the money on gambling
Top tips to manage your gambling debt
If you’ve fallen into gambling debt and are struggling to get back on track, there are steps you can take to manage the situation and get your finances in better shape:
Talk to someone
Shame is one of the most difficult emotions to manage when you’re in gambling debt. If you’re finding it hard to see the light at the end of the tunnel or worried about sharing the truth of the situation with those close to you, consider seeking help elsewhere.
You might have a trusted friend you can confide in, but if not, there are several services available that could help you manage your mental health such as the Samaritans. You can also find more information on the GamCare website or try attending a Gamblers Anonymous meeting in your local area.
Get debt help
Making the decision to seek professional help as soon as you start struggling with gambling debt can be the first step in getting back on track. An expert adviser can help you prioritise your debts, enter schemes like breathing space, and explore the different debt management solutions available. They’ll also treat your case with absolute discretion and offer no judgement. Our expert team understands that gambling debts can happen for a wide variety of reasons and what matters most is what you can do now, not what you did in the past.
Self-exclusion
You can take steps to stop yourself from being able to gamble through self-exclusion. This can be implemented with both online gambling companies and betting shops. Ask a member of staff directly and they can stop you from gambling with them for a set period, normally between six months and five years. GAMSTOP can also help you with the process of self-exclusion online.
Bank gambling blocks
You can also ask your bank or building society to implement a gambling block. With this in place, they’ll block any gambling transactions that you try to make with a debit card. Still have a credit card? Don’t worry; you can’t use a credit card to gamble online in the UK.
Use blocking software
If your gambling habit is mainly online, you can take steps to limit your access. There are both free and paid computer programmes that you can install to limit your access to gambling websites and other online services. To go a step further, your internet provider might have an option that restricts access from any website aimed at over 18s. Your mobile phone provider may also be able to prevent you from being able to access gambling sites and apps on the go.
How can my bank help?
While coming clean about your gambling debt with your bank may feel intimidating, it’s important that they know what you’re dealing with and can take steps to help.
The bank has several tactics that they can employ to help you curb your spending if you’re suffering with problem gambling including:
- Putting a temporary freeze on your card
- Reducing the amount of money you can take from a cash machine
- Implementing a gambling block
- Setting a spending limit for gambling
- Preventing you from receiving marketing communications for loans and credit cards
Struggling to beat gambling debt? Our team of experts is here to help. Give us a call on 0161 8260 585 or send a message here
