Avoid using credit cards for gambling : Credit Card Guide

Avoid using credit cards for gambling

A financial expert has warned consumers in the UK to avoid the pitfalls of using a credit card for online gambling, as this is a downward spiral and gamblers often lose track of how much they have spent on the card, which results in overspending by huge amounts.

Gambling Online

Online gambling has become increasingly popular in the UK over recent years, and many people gamble online every week, from online slot machines and bingo, to sports betting, poker, and more.

Many banks have already put a proportion of the rising bad debt levels down to online gambling addictions, and this is particularly true of credit cards, which is how many gamblers fund their habit. Many sites have stopped accepting credit card payments for gambling now, which for many is a relief as it means that they no longer have this line of credit available in order to gamble and risk it all.

An official from Moneyexpert.com, Sean Gardner, stated that gamblers need to stop using credit cards to fund their habit and seek professional help instead.

He stated: "It's very easy to lose track of the money you owe on your credit card, particularly with online gambling. If you have wracked up debts through gambling the important thing is not to bury your head in the sand. If you can't meet repayments it's always better to tell someone or to seek professional help."

Many people gamble online in the UK every week, and of these around 13% are only able to fund their habit through borrowing money. Around one in every three adults takes part in online gambling, and according to reports an alarming number of them rely on either savings or borrowing in order to continue the habit.

Tom Smith
13th August 2007

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