There is debt and then there is debt - namely gambling debt. In the United Kingdom legislation was passed almost 300 years ago that stated gambling debts are classed as ‘a debt of honour' and they could not be taken before a court. To this day this legislation still stands. It is not illegal for people in the United Kingdom to game on credit. It is not illegal for a bookie or a casino to offer their clients a line of credit to gamble with, as long as the client pays the money that is outstanding back at a later time. However, when credit is used this way, the bookie or the casino cannot use the law to enforce payment of the monies that are owed.

If you borrow money - actual cash - to gamble with and then lose the money you borrowed, the person you borrowed it from can petition the courts to go after you for the money no matter how the money was spent. The same goes for people who load their online betting accounts with money from a credit card. This is not considered gambling on credit. Credit card companies changed their terms and conditions in 2006 because of this, stating that people who place money in an online betting account by using their credit card is actually taking a cash advance. The credit card companies can then charge the person a higher rate of interest on the cash advance.

When you gamble and lose you put yourself in a position of being short of money that you need to purchase other things. Problem gambling can lead a person to severe debt, bankruptcy, and mental health problems, including in some cases suicide. These people do not see any way out of their financial problems. They tend to lose control and see additional gambling as a way out. They are always looking for the big payout in hopes of being able to pay off their debts. Unfortunately this tends to lead them down the road of deeper debt and they cannot find their way back. This is why they continue to gamble and of course, the problem compounds itself tenfold.

What should you do, if you find yourself gambling excessively, in an effort to take back control of your life?

• Stop gambling and address that fact that you have a gambling and debt problem
• Take responsibility for your gambling and your debt by admitting that you have a problem
• Talk to a close friend or professional that you trust and that can support you through this trying time
• Turn your bank cards and other finances over to someone else for a period of time until you get back on your feet and in control
• Destroy your credit cards if necessary so that you do not use them to gamble

Seeking professional help for your gambling problem as well as your debt problem is a good way to get a hold of the debt you are in and to get you back on the right track when it comes to your financial life.