Protect Your Money if You are Living with a Gambling Spouse
Unfortunately, persons who have a gambling addiction may have to deal with even more serious financial problems 365 days a year. Male gamblers have an estimated average debt of about $50,000 or more, according to several estimates.
Gamblers’ fragile financial status leads them to believe in “chasing,” or the notion that by “hitting the big one” the next time they gamble, everything will be alright and solve all their problems.
The idea of “just one more roll” is at the center of the addiction that has taken over people’s brains and common sense.
Money problems may be the final straw in a difficult, dysfunctional environment for family members and loved ones. Not only can they no longer trust their loved ones, but their financial security is also in jeopardy.
If you are one of those, remember that you aren’t helpless. Consider the following methods to safeguard your assets and improve your ability to assist a loved one with a gambling addiction.
Switch financial control
Remove the name of the gambler from any accounts or financial assets you own, especially if you’re married. Modify your ATM PIN as well; your banker may guide you through the procedure.
Secure and monitor
Visit your credit reports every three months. This is a fantastic approach to knowing if any bills are past due or have been paid late.
If you want complete protection, secure your credit. Tell each of the credit bureaus to secure it, or go to their websites, make an account, and lock your credit yourself.