How excessive gambling can affect your finances 

Category: Personal Finances

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If you have a gambling problem, you may not realize it until it is too late. Not only can a gambling addiction affect your personal life, but it can seriously impact your finances.

Gambling can be a vicious cycle when it comes to your finances. It may have initially started off as a casual hobby, but after severe financial loss, you may further hurt your finances by trying to recoup your losses. In an attempt to “win back” that lost money, you may end up using up all of your available cash and maxing out all of your credit cards. But more often than not, this will likely make the problem even worse, and you may not have the money you need to pay your bills and expenses. You may end up in a tremendous amount of debt and potentially face judgments, wage garnishment, automobile repossession, eviction or foreclosure, and other financially devastating events. It may even become difficult just to handle day-to-day expenses.

If you find yourself in trouble with gambling, stop yourself before the problem gets worse. Because gambling cannot occur without money, it’s important to make it impossible for you to access it. Putting a spouse or family member in complete control of your finances and canceling your credit cards, for example, are two great ways to start. Additionally, put all of your bills on automatic debit so that you can know, first and foremost, that your bills are being taken care of.

If you need cash now due to a gambling problem or a family member’s gambling addiction, we may be able to help. At Peachtree Financial Solutions, we purchase future structured settlement payments from individuals that would prefer to receive their money now in the form of a lump sum. With the money you receive from Peachtree, you can pay off the debts you may have incurred from gambling and help to get your financial life back on track. To learn more about receiving cash now, contact Peachtree Financial Solutions today!

 

Nothing above is meant to provide financial or tax advice. You should meet with appropriate professionals for such services.

Tags: financial loss, gambling

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