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Gambling
The MMI Online Articles are designed to inform, assist, educate and alert consumers.
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Approximately 85 percent of US adults have gambled at least once in their lives; 60 percent in the past year. For most, it is an occasional activity that never results in serious problems. For others, however, it becomes an irresistible compulsion that destroys families, financially and emotionally.
According to the National Council of Problem Gambling (NCPG), the compulsive gambler typically follows a three-phase progression. The first is the Winning Phase, in which the gambler experiences a big win, which in turn boosts self-esteem. The result is an increase in the frequency of the gambling and the amount wagered. Unreasonable optimism develops as the gambler fantasizes about winning.
Next is the Losing Phase. It occurs when the luck starts to run out and the gambler begins losing money. During this period, thoughts turn exclusively to gambling and winning. Relationships become strained as the gambler gradually loses control. He begins covering up his gambling and starts borrowing money from friends, family, and credit cards.
The last phase is the Desperation Phase. By this time, the gambler can no longer pay debts and starts looking for quick fixes. An obsession with making up for past losses develops. Time spent on gambling is affecting work and family, and there are usually feelings of remorse and hopelessness. Loss of personal and business reputation is accompanied by depression.
One of the most serious measurable problems caused by gambling is debt. Of the people who contact the NCPG, approximately four out of five report that their debts were a contributing reason for seeking help.
Fortunately, help is available. The first and most important hurdle for a compulsive gambler is to deal with the gambling compulsion. The NCPG’s nation-wide, toll-free number is (800) 522-4700, and they will refer anyone seeking help to a support organization. As with any compulsive behavior, it takes some effort to beat an addiction to gambling, and it all starts with the initial phone call.
At the same time, the individual will have to address the debt problem. Typically, a large portion of the debt comes from cash advances on credit cards, usually at high interest rates. Money Management International can help; counselors are trained to intervene with creditors and guide clients through a manageable, effective debt-repayment program.
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