I am often asked on forums and podcasts exactly what things help me now to manage my finances and avoid going into debt again apart from not gambling.
First of all, I no longer have a credit card or an overdraft, all I have are two debit cards which work on the condition that if there is no money there I cannot spend it. Having an overdraft made my gambling addiction worse, in fact it is worse than having a credit card if you are an addict because you end up in a spiral of horrible debt where your wages vanish as soon as they go in, you then rely on the overdraft to pay your bills and with not much left you take out loans. I am sure people on here know the damage that a badly used overdraft can do.
I found that as soon as I told my bank that I wanted to cancel my overdraft they wanted to raise it? not just that but the bank would try and delay me reducing the amount, it took me two months to reduce the overdraft and then pay it off.
As gamblers or ex gamblers most of us lack the will power or common sense to manage a credit card. Most people say that have one for a rainy day, however for a gambler the credit card is like dynamite, it is the first thing that is used and maxed out, again we go into debt along with the interest. I am ashamed to say that my first credit card defaulted, it took me over 15 years to pay it off due to the interest and my continued gambling.
If you are genuine and determined to stop gambling and to stay stopped the overdraft and credit card should go, keeping them makes no sense, quitting gambling is a full time job, it requires focus, reflection as well as learning to respect and value money again.
Debt and lots of debt can be attacked and successfully eliminated if you have no other avenue that are ging you credit. I hear all this its good to have credit etc and that it builds a positive credit history, well that is fine if you are not an addicted gambler, it just means nothing if you are throwing your money away, I have no credit at all now, but it has to be this way.
Recovering from gambling is a full time job, we owe it to ourselves to take it seriously.
Hello NoFunJustStop
Thank you for sharing your experiences. It’s great to hear what’s helped you the most and we appreciate you taking the time to tell us.
You have made a very good point about ensuring access to money is limited / controlled and not seen as ‘available’. It sounds like you have come up with a plan that works for you to ensure you stay out of debt and avoid the vicious cycle that can occur with gambling, financial difficulties and chasing losses.
Please keep sharing on our forum and all the best!
Ellen
Forum Admin
Hi
Being an unhealthy addict often money was wasted on my addictions and obsesssions.
Sadly the next thing I did was to use credit.
While in action and being consumed by my gambling I was in effect working hard for my money then giving it away while I and my family went with out our eeds.
Getting tied up with credit meant now I was working for my money and giving part of that my money to credit companies.
One day a person explained that by living on credit I was paying for more for my living than being paid off my debts.
The person explained that once he paid off all of his debts he was able to take cash in to some shops and get 10% discount just for paying by cash.
The gambling for me was a complete waste of my time and my money.
The gambling for me was a very unhealthy self destructive habit which caused far more pains and fears than I wanted.
Only by my abstaining from unhealthy habits was I able to live a much healthier life.
Only by my abstaining from unhealthy habits was I able to heal the hurt inner child in me.
Love peace and healing to every one.
Dave L
AKA Dave of Beckenham
I called my bank and asked them to make it that I'm unable to go into an unarranged overdraft and they said this isn't possible, do you know if that's right? I'm with the cooperative bank. Obviously having a gambling problem just makes it that I screw myself over each month.. Can you reccomend a bank that doesn't allow an unarranged overdraft? Thanks
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