Money plays a significant role in the gambling industry. It makes the betting journey more exciting as gamblers can earn it while cheering on their favourite bets. However, it is also the lifeblood of the problem gambler. These gamblers can risk all their assets in online gambling Singapore without considering their financial stability. Most of them suffer from massive yearly losses since they lack ideas on how to deal with gambling debt and finances.
Consequently, experts advise bettors to manage their bankroll and debts before partaking in sportsbook betting Singapore. While these debts are good for your money’s circulation, they become an issue when you lose control.
According to the 2020 National Council on Problem Gambling report, the probable pathological and problem gambling (PPPG) rate remained at 1.2% among Singaporeans. Irresponsible debt management can lead to severe gambling addiction and behaviour change. These problem gamblers will do anything and might resort to illegal means to obtain more money for betting. Professionals called this condition “compulsive gambling.”
What is Compulsive Gambling
Compulsive gambling is the uncontrolled need to continue betting despite its detrimental effects on one’s life. It indicates that you are willing to risk everything to obtain something of greater value. If you are suffering from compulsive gambling, you may chase bets that result in losses, deplete your funds, and incur debt. Other signs include:
- eagerness to gamble more to get back lost money;
- exhibiting feelings of guilt or shame about your gambling habits;
- spending money on gambling rather than essential expenses;
- asking people to bail you out of financial troubles; and,
- the need to gamble with an increasing amount of money for an additional thrill.
Besides, compulsive gambling can have significant and lasting effects on your life, such as:
- Relationship conflicts
- Monetary issues
- Poor work performance
- Legal problems
- Unhealthy lifestyle
In many instances, compulsive gambling can lead to debt issues. People typically fund their gambling habit through overdrafts, credit cards, or payday loans, and they may be motivated to bet more to pay off these debts. This can result in a vicious cycle that may put you in a worse financial situation. When this occurs, it is essential to seek financial help from experts to address gambling debts.
How to Deal with Gambling Debt
Take Credit Counselling
Credit counselling will help you create a repayment strategy. Financial advisors can assist you in negotiating a payment schedule for your creditors. If your situation requires it, your credit advisor might terminate your gambling accounts to stop further debt accumulation.
Meanwhile, if you decide to manage your debts yourself, you can use apps for financial management, budget calculators, and payback calculators to help you stay on the right track. You can negotiate with creditors to lessen your interest rates and monthly payments.
Total All Your Gambling Debts
A solid beginning point for debt management is to note how much you owe and to whom. You can include interest rates and any costs, if applicable. It may feel like an uncomfortable call, but it will reveal your current situation. You will get an understanding of how fees and interest rates affect the amount you must repay.
Learn How to Budget
In addition to understanding how much you owe, debt management requires awareness of your incoming and outgoing cash flow. Creating a monthly budget allows you to maintain financial control. Furthermore, you may restructure your budget to find additional funds to apply to your loan repayments.
Pay Your Debts Promptly
Time management plays a vital role in your debt management. By paying in advance, you can avoid incurring more debt in the form of late penalties and increased interest rates. Consider configuring notifications to remind you when it’s time to pay your bills. Note that late payments might negatively influence your credit rating.
Make Extra Repayments
The goal of debt management is to reduce your debt faster. To achieve this, you can make extra monthly repayments in addition to your monthly dues. Depending on your debt, it could lead to lower interest and more savings. But before you make additional repayments, be sure to read the terms carefully.
Refrain From Too Much Spending
Keeping your spending in check is another crucial part of debt management. It would help if you considered separately establishing a fund for pleasure and recreation. By doing so, you will only spend the budgeted amount on prioritised items. Understanding your impulse spending triggers and devising a plan to curb them is also beneficial in the betting industry.
Seek Help When Necessary
Know that you can always seek assistance from a professional if your gambling debt becomes unmanageable. Numerous money trainers are available, and each has the knowledge to guide you through financial difficulties. You might invite a trusted family member or friend to be your accountability partner.
Financial Options when Dealing with Gambling Debt
For some, the debt might be too much to bear without a more comprehensive gambling debt relief plan. Here are some debt relief options that may assist you in overcoming your gambling debt and with your finances moving forward:
Debt Management Plan
Budgeting and setting financial goals are ways to improve your financial management. However, what many fail to acknowledge is the significance of debt management. Interest rates on credit card debt are lowered by debt management plans offered by non-profit, accredited credit counselling firms like Credit Counselling Singapore (CSS). It can help you manage debt and develop a payment strategy that suits your budget.
Debt Consolidation
Debt consolidation is a debt relief that combines various obligations into a single payment with a more manageable monthly payment and lesser interest rate. As a result, you pay off your debts faster while saving money.
Debt Settlement
A debt settlement refers to an agreement between a creditor and a consumer. It aims to decrease your overall debt balance. Unlike other financial options, your reduced debt amount is paid in lump sums rather than monthly. The settlement will appear on your credit score for seven consecutive years.
Bankruptcy
When debt becomes unmanageable, filing for bankruptcy should be a last resort. In addition to eliminating unsecured debt, bankruptcy carries long-term financial consequences, such as a significant warning on your credit score and trouble obtaining loans for seven to ten years.
Conclusion
In the betting industry, those who know how to manage their bankrolls survive more than those who excessively spend their money and incur gambling debt.
Putting all your money and assets into gambling is not advisable. It would help if you considered the things that will matter the most in the future. This way, you can enjoy your gambling journey without compromising your personal life.
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