In this post I write a little about gambling debt. As you may or may not know, part of my debt originates from gambling. In particular from online casino sites as well as bingo.
When you become addicted to gambling, you lose all sense of the value of money. At least that is how I felt anyway.
How much of my Debt is Gambling Debt?
During my Gambling escapade, I have estimated that I spent around £20,000. I have nothing to show for that except for a lot of debt.
It is like you get stuck in a vicious cycle. You think that you will win back your losses so you carry on spending more and more money, effectively chasing those losses.
Sometimes you may win, although you most likely never win enough to break even. In the end the money you win is most likely destined back to the very same slot machines or online poker that has enslaved you.
My Gambling Habits
A typical gambling session could span 8 hours, or well into the night during the weekend. I would usually play on the slots and just pour money away very quickly. I can’t say I enjoyed it, but I did it any way.
I would also gamble on the bingo, maxing out and purchasing all the available tickets. I rarely won, and in most cases lost a lot of money in a short space of time.
It is a horrible trap to fall into. Only you don’t really realise what is happening around you as you become so focused on the one big win. The single win that will recover all your losses and make it like nothing ever happened.
Only that big win doesn’t happen. But you still think deep down that it will, surely it has to happen at some point. You continue spending and spending, borrowing money here and there to feed your addiction. This is one of the reasons I have a number of payday loans in my debt portfolio.
You then wake up. You take a look at your life and realise that all you have left is a massive pile of debt, with little or nothing to show for it.
The only thing I have won is my freedom from such a horrible way to exist. It is hard not to gamble but it is harder to live as a gambler.
I now see my £20,000 worth of gambling debt as the price of freedom. I know that I will never gamble again. I will constantly remind myself of how I felt that night I realised I could not continue with the way things were going.
Being in debt is not the best of experiences but it is an experience none the less.
Learning from it
I guess I can only learn from it and make sure I never end up in the same situation again. Money isn’t everything. The experience of life is what matters most.
The main purpose of this blog is to share my thoughts about debt, and provide helpful and useful information to others. I hope that you can relate to my situation and feel better about your own.
Over the coming months I hope to share more information and hopefully hear your own stories of debt as well. For now I will continue to update this blog with the latest updates of my debt situation.
If you are struggling with gambling addiction, you can visit the Gamcare website for help and advice.