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A fifth of gamblers eating into savings

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07/08/2007

Millions of gamblers in the UK are dicing with debt, with 21% of the nation’s monthly gambling funded through debt or by eating into savings according to research by MoneyExpert.com.

The comparison website says 13% of gamers can only afford their habit by borrowing money and a further 8% are using up personal savings.

Figures show that one in three adults –around 14.3 million people claim to gamble once a month, spending on average £21 a month.

But nearly a million people, three quarters of whom are men, spend between £50 and £150 a month taking on the odds.

Sean Gardner, chief executive of MoneyExpert.com, said: “Millions of us enjoy a flutter on the Grand National and play the Lottery every week. But borrowing money to fund a habit like gambling is potentially disastrous – it’ll inevitably lead you down a dangerous spiral of more and more debt.
“Borrowing when there is by definition a real risk you’ll lose the money is a dangerous game to play – whether you win or lose your creditors will want their money back.
“Anyone who is betting using a credit card for example should be extremely wary – if you start to miss repayments it’ll affect your credit rating. It’s easy to lose track of the money you owe on your credit card, particularly with online gambling.”

 

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