Breaking The Cycle And Eliminating Gambling Debt

August 18, 2009 by  
Filed under Debt

Eliminate Debt Fast!

Most individuals who are experiencing debt due to overspending on luxuries they cannot afford, come to the realization that they have to stop spending to stop the mounting debts. It really is that simple. The gambler’s debt on the other hand, is a completely different ballgame. If the gambler was to follow the same reasoning as the over spender, they would simply stop gambling.

However, it is not that straightforward. The gambler is of the mindset that to carry on gambling will eventually pay off their debts when they have that big win that they know they are due. Every time they lose, makes them more certain that the next one will be the big win that will catapult them into a life of financial freedom.

Some psychologists dub gambling as a disease of the mind as once it takes hold, it is a never ending uphill struggle. Even if the gambler wins a decent amount, those winnings will immediately be used for more wins which don’t end up coming to fruition.

After losing money, the gambler feels that they have been cheated and made to feel a fool. They feel that if they carry on, they will “make up for it” and be the one to have the last laugh.

The unfortunate fact is that gambling does not pay off. If it did, casinos and other gambling establishments would cease to exist as they would not make the huge profits that they do. The house always wins. Every now and again there will be someone who wins big and the casinos will be sure to shout it from the rooftops to give others starry eyed belief that they too can be the lucky one.

The first positive step to remove yourself from the gambling train of thought is to realize that you can’t win. Even if you are due to win, the winnings will be used and then be lost. It is a vicious cycle that will keep going until there is nothing left.

Once you have accepted that there is even a chance that you can’t win, keep the momentum by reading up on gambling statistics and how it is a lose-lose situation. Think about it logically, why is getting into the gambling business so lucrative? Because as a business person, they cannot lose. There will always be gamblers willing to throw away their hard earned cash.

Even those who win big such as lottery winners and big bingo wins. They are rarely happier than before they won. There have been many horror stories of those winning millions but losing everything they cared about. All in all, it isn’t something worth striving for.

Don’t think that if you stop the big gambling, it is ok to partake in a few small bets. It is akin to alcoholism, with one taste and you could be back to square one. Give it up completely and think about how you could be spending your money on yourself and your family to give joy and happiness as opposed to frustration and anger.

Once you banish yourself from any gambling activity, you will start to see your bank balance rise. You will have more money than you ever could when gambling and free up your time for real living.