Blogging for Change

Gambling is hard on finances and families

by Kim McGrigg on
6/11/2008
in Budgeting and Building Savings , Personal Finance

“Don’t count on winning the lottery,” is something I say a lot.  What I am trying to convey is that you need to plan for your financial future and stop hoping for a miracle.  Yet a gambler’s recent letter to the Advice Team made me remember that there are some serious issues related to the desire to win.

It is estimated that 85% of adults in the United States have gambled at least once in their lives, 80% in past year.  For most, it is an occasional activity that never results in serious problems. For others, however, it becomes an irresistible compulsion with serious consequences.

Before you can start to get a handle on a gambling problem, you have to be able to recognize the symptoms of this hidden disease. One of the key symptoms of problem gambling is frequent borrowing.  As a result, one of the most serious measurable problems caused by gambling is debt. In fact, the majority of the people who contact the National Council of Problem Gambling report that their debts were a contributing reason for seeking help.

If you or someone you know struggles with a gambling addition, call the National Council of Problem Gambling at 800-522-4700 or visit GamblersAnonymous.org.

Kim McGrigg is the former Manager of Community and Media Relations for MMI.

Recommended Articles

Man sitting in front of pile of bills, trying to understand his options.
Professional Budget Advice
Make the most of every dollar and start building toward your dreams! Budget counseling is FREE and available 24/7.
Learn More
Learn more
  • Better Business Bureau A+ rating Better Business Bureau
    MMI is proud to have achieved an A+ rating from the Better Business Bureau (BBB), a nonprofit organization focused on promoting and improving marketplace trust. The BBB investigates charges of fraud against both consumers and businesses, sets standards for truthfulness in advertising, and evaluates the trustworthiness of businesses and charities, providing a score from A+ (highest) to F (lowest).
  • Financial Counseling Association of America Financial Counseling Association of America
    MMI is a proud member of the Financial Counseling Association of America (FCAA), a national association representing financial counseling companies that provide consumer credit counseling, housing counseling, student loan counseling, bankruptcy counseling, debt management, and various financial education services.
  • Trustpilot Trustpilot
    MMI is rated as “Excellent” (4.9/5) by reviewers on Trustpilot, a global, online consumer review platform dedicated to openness and transparency. Since 2007, Trustpilot has received over 116 million customer reviews for nearly 500,000 different websites and businesses. See what others are saying about the work we do.
  • Department of Housing and Urban Development - Equal Housing Opportunity Department of Housing and Urban Development
    MMI is certified by the U.S. Department of Housing and Urban Development (HUD) to provide consumer housing counseling. The mission of HUD is to create strong, sustainable, inclusive communities and quality affordable homes for all. HUD provides support services directly and through approved, local agencies like MMI.
  • Council on Accreditation Council On Accreditation
    MMI is proudly accredited by the Council on Accreditation (COA), an international, independent, nonprofit, human service accrediting organization. COA’s thorough, peer-reviewed accreditation process is designed to ensure that organizations like MMI are providing the highest standard of service and support for clients and employees alike.
  • National Foundation for Credit Counseling National Foundation for Credit Counseling
    MMI is a longstanding member of the National Foundation for Credit Counseling® (NFCC®), the nation’s largest nonprofit financial counseling organization. Founded in 1951, the NFCC’s mission is to promote financially responsible behavior and help member organizations like MMI deliver the highest-quality financial education and counseling services.