Gambling - financial issues

Financial counseling is available to support people affected by gambling-related harm, by helping to address their financial problems, manage debt and navigate out of financial crisis. Counselors can provide direct case work or one-on-one intensive support, including the provision of information, advocacy and/or negotiation; referrals to other services; community education; and networking/liaison with relevant service providers.

It will help to limit your access to money. General suggestions include:

• Have someone trusted to help you with your day-to-day money management. Only carry a limited amount of money
• avoid carrying bank or credit cards

Arrange with your bank to reduce your daily cash withdrawal limit from ATMs. Cancel bank and credit cards or give them to someone you trust. Consider having two people as signatories on your bank accounts.

Tell family and friends about your current situation and ask them not to lend you money. Pay bills by direct debit or check on the day you are paid or if possible, arrange for your payroll to make important payments like rent or mortgage.

If dealing with other people’s money tempts you, avoid jobs where you handle cash.

Avoid keeping large sums of money in the house. Consider paying some bills in advance or make regular payments towards water, gas and electricity bills. Consider something you would really enjoy and regularly put money away for it.

60% of Gambler’s Help clients report an improvement in their financial situation after financial counseling. Most people experiencing significant harm from gambling find it difficult to stop if they have cash in their pocket and the club, TAB or casino is open.

You must limit your access to cash#

Suggestions include: Don’t keep large sums of cash in the house. Carry only enough cash for the day’s expenses. Use teller machines to provide limited amounts of cash per week. Ensure eftpos cards have no pin numbers, so they can’t be used at a gaming venue.

Make new plans to control cash flow when there is a change, such as a holiday or a new job.

Protect your property and assets#

• Transfer important assets such as titles of property cars
• into your partner’s name or into the name of someone who you trust. Talk to a solicitor about placing a caveat on your property. As long as the caveat is in place
• it will be more difficult for you to use your house as collateral to borrow money for gambling

Consider putting a ‘no more credit’ notation on your credit record.

A financial counselor can help you with this#

Seek professional legal advice#

Your local community health or legal center may be able to help you.

Make plans to repay your debts#

Suggestions include:

• Seek advice from a financial counselor. These professionals are experts in credit law
• debt collection practice

Negotiate realistic repayment installments with creditors#

Draw up a weekly household budget and strictly allocate a portion of income for debt repayment.

If your debt is insurmountable, voluntary bankruptcy may be the best option#

However, this is a serious step and should be considered only after professional advice.

Financial counselors are available through Gambler’s Help, which supports people experiencing harm from gambling, and their family and friends.

All Gambler’s Help services are 100% free#

Call now for free, professional and confidential support, 24 hours a day, 7 days a week:.

24-hour telephone counseling service for people under 25. Michigan. Many people who stop gambling take a lot of trouble to get their finances under control. Have someone you trust Money management suggestions Contact your bank to remove cash withdrawals on your credit card, and/or block gambling transactions on your credit and debit cards Find out more about Financial counseling Reduce your access to cash Protect your assets Debt repayments Bankruptcy and gambling Gambler’s Help

Where to get help#