British gamblers ‘face debt woes’

Millions of British gamblers are dealing with debt management difficulties as a result of their betting habits, according to new research from MoneyExeprt.com.

The financial comparison service has revealed that a full 13 per cent of those people who bet on a regular basis can do so only by putting themselves in to the red.

Furthermore, around eight per cent of British gamblers could be adding to their risk of debt management disaster by dipping into their savings to place their bets, the latest figures suggest.

“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,” said Sean Gardner, chief executive of MoneyExpert.com.

“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,” he added.

The Council of Mortgage Lenders claimed recently that borrowers in the UK are increasingly struggling to meet their mortgage repayment demands because of their existing credit card debts.