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Some Britons `gambling with debt`

07/08/2007

Many of Britain`s gamblers fund their hobby through debt put on credit cards, overdrafts and personal loans, according to new research.

A MoneyExpert study indicated that 13 per cent of gamers borrow money to gamble, with one in ten using credit cards to this end and eight per cent ransacking their savings.

Sean Gardner, chief executive of MoneyExpert.com, said: "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."

The most popular way to gamble was revealed to be online, with 44 per cent of respondents choosing internet betting, while 19 per cent visit bookmakers.

Recently, Association of Business Recovery Professionals president Patricia Godfrey urged people with financial problems to seek debt advice.

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