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Gambling addictions may result in cycle of debt and depression

| Jul 15, 2016 | Credit Card Debt

Debt can take many forms. Some people may be up to their ears in credit card debt, while others have student loans and medical bills. Some Eugene residents are struggling with paying their monthly utility bills, especially if their mortgage and car payments are more than they can afford and they are having employment issues. One more aspect of debt that may not be thought about much, but causes a serious problem for countless people across the United States, is gambling debt.

Gambling, according to Help Guide, can be an addiction from which it is extraordinarily difficult to break free. When gamblers lose control, they may rack up thousands of dollars in credit card debt, risk their jobs and marriages and even resort to theft to fuel their addiction. Sadly, the advent of online gaming has made it easier for those addicted to gambling to get their fix and prevent their recovery.

Online gambling does not have to take the form of traditional gambling, such as betting or slot machines. In fact, many online games are subtle and resemble more innocent games. However, they entrap those with gambling addictions by providing the gaming and reward responses that their brains have been accustomed to receiving, and can drain them of their finances by constantly offering bonuses or rewards that gamers pay for in real money.

According to the Mayo Clinic, compulsive gambling is an impulse disorder, which may be difficult to treat. Those hoping to recover may seek counseling or attend self-help groups to teach them coping skills and healthy behaviors. They may also take antidepressant medication to treat depression, ADHD and other disorders that may be contributing to their gambling habit.

It can be beneficial to seek professional help to recover from a gambling problem or other addiction that is causing financial distress. Addressing the debt by speaking to a credit counselor or considering bankruptcy may be another step in the right direction. Getting a fresh start through bankruptcy may help to alleviate some of the depression that is associated with financial problems, which in turn can be fueling an unhealthy addiction.

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The Law Office of Kim Covington is a debt relief agency, and I have helped families, individuals and small businesses, file for bankruptcy relief under the U.S. Bankruptcy Code, for over 19 years.