Gamblers play with savings and credit cards

Tue, 07 Aug 2007

Gamblers are funding their habit using money from their savings accounts or borrowed money from credit cards , a survey has revealed.

MoneyExpert.com has found that 13 per cent of gamblers can only afford to play if they have borrowed cash, with one in ten using credit cards and eight per cent dipping into their savings accounts.

Chief executive of MoneyExpert.com Sean Gardner has warned that borrowing money to gamble with can be "disastrous".

"Anyone who is betting using a credit card for example should be extremely wary - if you start to miss repayments it’ll affect your credit rating . It’s very easy to lose track of the money you owe on your credit card, particularly with online gambling," he cautioned.

According to the results, a third of UK adults - 14.3 million people - have admitted to gambling once a month, with the internet being the most popular way to gamble. One million people are estimated to spend between £50 and £150 on gambling a month, three-quarters of which are men.

It was found recently by Abbey that Brits spend £10,000 each year on leisure activities.

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