Can gambling help clear my debt?

Summary: This article is aimed at those struggling with debt and considering ways to become solvent again.

In today's society, more and more people are relying on credit to get by each month. This in itself is only an issue when it becomes a problem repaying the debt. Once income is not enough to repay essential expenses and what is owed, the individual becomes insolvent and could face bankruptcy. For individuals in this position, it can be a very stressful time and many will do anything to get out of the situation, including turning to gambling on the off chance that a big win could solve all the problems. Sadly, the likelihood is that it will make the situation far far worse.

But spending £10 per week on lottery tickets can't be considered a problem?

Playing the lottery is a form of gambling, and many become addicted to it. £10 a week is over £40 per month, or £520 per year, and the probability of winning even enough to recoup the cost is very low. Paying £10 a week into a savings account or an ISA would be far more sensible. For those who like the idea of possibly winning a prize, premium bonds may be another option, the difference being that the initial investment is not lost. This is of course assuming that the individual has minimal debt, otherwise the £40 a month should be used to repay the loan or credit card.

I can't see any other way to repay my debt other than gambling.

There are many options available to people in all situations, and gambling can only make matters worse. At the very least, a budgeting plan may help free up enough income to repay debt. At the other end of the scale, an Individual Voluntary Arrangement (IVA) could be a solution. Some who turns to gambling in the belief it could help may find themselves addicted and in far greater financial difficulty. For those who do feel they may have a problem, help can be found at http://www.gamblersanonymous.org.uk/

Anyone who believes they are in financial difficulty should always seek advice from a licensed money advisor, or from one of the free advice services available such as the Citizens Advice Bureau (CAB), Step Change or National Debtline.