Borrowing To Fund Gambling Is ‘Dangerous Spiral Into Debt’

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Millions of Britons are borrowing money to go gambling, new figures noted.

Investigations carried out by MoneyExpert, some 21 per cent of the money put into various bets and wagers across the country every month are sourced into debt or dipping into savings accounts. Overall, 14.3 million adults – about one in three – claim gamble at least once every month, with an average share of £ 21.37. In the meantime, nearly one million people – the vast majority of them – spend between £ 50 and £ 150 per month on a flutter which could turn on their personal finances. Findings from the independent financial comparison website also show that 13 per cent of gamblers can only afford to fund their habitual financing, with a further eight per cent reporting that they are using their personal savings – which could act as further proof. debt problems created by Britons.

Credit cards were the most popular form of borrowing to finance betting, the figures show, funding 1.4 million – or ten per cent – of gamblers. In the meantime, an estimated 143,531 customers have used cash poker pulsa from personal loans to fund gaming, with 1.1 million dipping into savings schemes. The study also found that the two per cent of those who do have the bets on the run up to their overdraft.

Sean Gardner, chief executive of MoneyExpert, said: “Millions of us enjoy a flutter on the Grand National and play a lottery every week. Definition is a real risk when it comes to playing a dangerous game – whether you win or lose your creditors will want their money back.

“Anyone who is betting on a credit card for example should be extremely wary – if you start to miss repayments it will affect your credit rating. It’s very easy to lose track of the money you owe on your credit card. . ”

He added that “credit is not a license to print money”, and customers who have run out of debt problems should seek professional advice and a plan to pay off money. Advising that “if you have racked up debts, the important thing is not to bury your head in the sand”, as Mr Gardner says, taking out a cheap personal loan could be an option for those looking to reorganize their finances.

Earlier this year, research carried out by MoneyExpert found that Britons of growing debt difficulties are going away on holiday. The firm says that 1.4 million customers are still on a break from the money they spent last summer, with some 926,000 saying that it takes them at least 12 months to complete repayments from a previous vacation. Mr Gardner warned consumers of “risk-taking” by a trip away to finance a “spiral of debt which threatens to overwhelm them”.

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