America’s Gambling Problem and Bankruptcy

About 85% of adults in the U.S. have gambled at least once in their life and the gambling industry takes in about $500 billion a year. With numbers like that, it may not be shocking to hear that about 23 million Americans go into debt because of gambling.

So how do gamblers pay for their losses?

They “borrow” from credit cards, savings accounts, investment portfolios, retirement funds – anywhere there’s money or credit available – hoping to fund the one big bet that gets them back to breaking even.

That addiction can lead to serious economic consequences. For example, U.S. consumers experience over $100 billion per year in total gambling losses. Individually, a male gambling addict accumulates an average debt of between $55,000 and $90,000 whereas a female averages $15,000. In addition, there are numerous consequences to a gambler’s household finances and relationships.

What is the solution?

There are resources for individuals with a gambling addiction. With gambling, you are better off quitting cold turkey. If you are intending to file bankruptcy, this will help establish a timeline of when the gambling ceased and will help establish good faith with the trustee.

If you are struggling with debt due to gambling losses, contact your local Fairfield bankruptcy attorney for more information.