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  • Financial Consequences duo to Gambling

    Financial Consequences duo to Gambling

    Posted by devwp on Tháng Năm 31, 2024 at 8:21 chiều

    Nam, a successful, 45-year old corporate executive, began gambling to deal with boredom and loneliness after his marriage ended abruptly in divorce. His healthy financial condition enabled him to gamble for many years with seemingly little consequence. Over time, however, the money ran out, the credit ran up, the house went into foreclosure and his depression accelerated. His financial, emotional and physical health deteriorated along with his work performance. After losing everything he had worked over 20 years to earn, the company decided to let him go but provided him with a substantial severance pay which he quickly lost through continued gambling. (*Not his real name)
    Financial issues are often the first outward sign of a gambling problem. When gambling becomes uncontrollable, the problem gambler will spend even more money, attempting and usually failing, to win back their losses. Here are some of the financial consequences that may occur:

    Overdue bills
    Maxed out credit cards / Denial of credit
    Always short of money, despite adequate income
    Cannot provide for basic needs (food, clothing, shelter)
    Relies on borrowing money from friends, family or coworkers
    Develops a pattern of extremely high-risk investing or frequent trading
    Money is pulled from home equity, savings, investment or retirement accounts
    Household and personal items are pawned or sold for cash
    Frequent, multiple payday loans or cash-advances
    Property is repossessed
    Home is in foreclosure

    Many problem gamblers believe that money is both the cause of, and the solution to their problems, so they continue to gamble in spite of the losses, believing they can fix all the problems with just one more ‘big win’. Sadly, there can never be a big enough ‘win’ to solve the problem of the addiction, because it is an emotional illness, not a financial one.
    For this reason, the real solution is for the gambler to deal with their addiction, not just the money problems it creates. Treatment and support resources can help the gambler stop gambling, and with abstinence from gambling, the stress from financial pressures will begin to be relieved. Long term solutions will require hard work, debt repayment and careful planning but the finances of a problem gambler and their family can recover over time.

    Johan Hendrix replied 1 month, 2 weeks ago 3 Members · 5 Replies
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