Does Online Gambling Affect Mortgage
Q: What does your credit score and online compulsive gambling have in common?
- Does Online Gambling Affect Mortgages
- Does Online Gambling Affect Mortgage Insurance
- Does Online Gambling Affect Mortgage Payments
- Online Gambling Affect Mortgage
A: Both are largely dependent on your ability to borrow money.
Can you gamble away your credit score?
You betcha. Even if you have the financial means to fund your online gambling habit, more times than not, you are using some sort of electronic funding option that is credit score dependent, such as a bank’s credit card. But the long term consequences of a poor credit score are staggering, even if you are not addicted to online gambling. More here on how online gambling can affect your credit rating. And a section for questions about credit and online gambling at the end.
Gambling away your credit score
Like it or not, an individual’s credit score is not an indicator of wealth or financial security, it only indicates whether or not you are good at borrowing money, and paying it back. But the lingering effects of bad credit may last longer and affect more life changing decisions than a compulsive gambling addiction. So who is at risk of ruining credit? And what can you do about online gambling problems? We explore here.
- Though mortgage lending was up a big 38% from 2011, there will still thousands of declined mortgage applications. In fact, the top mortgage lender in the United States, Wells Fargo, denied 84,687 of the 399,911 home purchase applications it received (21.2% rejection rate), including those that were pre-approved, according to a Marketwatch.
- Gambling is not like that, and often a downward spiral can continue unchecked for a long time. Especially if large amounts of debt are involved, it can seem as though there is no other option. If you have self-harmed or had suicidal thoughts or feelings, it is really important to seek professional help as soon as possible.
- Many families break up over debts, bills, and fight over money. Gambling addiction just makes this worse. In the case of gambling addiction, the gambler will bet money that the family does not have to spend such as the money for rent, mortgage, or other bills. Loss of Trust within Families. Gamblers will often lie about their gambling habits.
TLDR - how do large gambling transactions affect a mortgage application. Wednesday 12th April 2017.
What is credit rating?
Simply put, not paying your credit cards bills on time will drastically lessen your credit score. And once your credit score is damaged, the fix is not simple. The most obvious effect of bad credit is the lost ability to qualify for any type of major purchase, or additional credit including an automobile, rental apartment or a home. Another effect often overlooked, about half of employers are pulling credit information to consider individuals for employment. This includes employer’s in the private sector, public sector and even military. The most shocking part of this scenario, is this is happening to individuals in their 20’s, or even younger.
How gambling affects your credit score
Often compulsive gamblers can open numerous credit card accounts. This action in and of itself will lower your overall credit score. Then, you can get into the cycle of using one credit card to pay off the debts of other credit cards. Generally, each subsequent credit card balance transfer is tied to a higher interest rate, increasing financial burden.
And what’s more is that compulsive gamblers commonly lie, cheat or steal to continue fueling their gambling addiction and feeding the credit cycle. This cycle is not easily broken, and often times ends up in bankruptcy. Additionally, there is typically a lag between the time problem gamblers begin an actual financial meltdown, and the time when credit score actually takes a hit. This lag gives gamblers the opportunity to continue borrowing money and get even deeper in debt.
High risk online gamblers
Why do gamblers gamble? Either for recreation and entertainment, or to avoid and cope with the emotional or psychological stresses of life. But who is particularly at risk of ruining a good credit score?
1. Young online gamblers – Unfortunately, younger gamblers (those ranging from 18 years of age to 25 years of age) almost exclusively use credit cards to fund their online gambling expenditures. Seemingly harmless at first, the act of funding your gambling habits using a credit card can lead to devastating results.
2. Compulsive/Problem gamblers – The danger of credit card funding of gambling is most frightening for those who are either at risk problem gamblers or who exhibit symptoms of compulsive gambling. “Compulsive gambling”, or “pathological gambling”, as psychiatrists label the behavior, is defined as an inability to stop gambling. When you combine an inability to control ones actions, with the immediate access to thousands of dollars, the results are often disastrous.
How to stop online gambling
The best thing for gamblers who are driving down the road of bad credit from a gambling addiction, is to seek help. However, due to the nature of addictive disorders, it may take many years for a gam0lber to realize they have a problem and even longer for individuals to take the proactive steps to take control of their problem. In fact, the point of realization normally occurs when a compulsive gambler can neither fund their gambling nor make payments on the debts owed. But help is out there. Cognitive behavioral therapies can help gamblers manage compulsive thinking in combination with lifestyle changes and support groups. You can also block online gambling sites to self monitor your use. Or you can seek professional help with a counselor who specializes in treatment compulsive gambling.
Online gambling and credit questions
Do you have questions about your credit while gambling online? Please ask here. We try to answer all legitimate questions with a personal and prompt response.
What do you do if you are married to someone who is caught up into gambling? He or she might even be going down the downhill slope of gambling away your marriage, family relationship, your home and everything you own and treasure.
What if YOU are the gambler who is caught up in this type of behavior?
These are issues we’d like to address in this article that we pray can help you in some way.
When Gambling is Destroying Marriages
We know this is a tall order and that we can only scratch the surface of the subject. But because of the seriousness of this problem, we know it’s important to do what we can to help those who are overwhelmed by it all.
We don’t want to approach this subject as if we are the experts here at Marriage Missions advising you. That is because frankly, we have very little experience in this area of marriage. We do, however, personally know of several couples that have/are dealing with this issue. But that is more of a distant view, rather than an up close and personal one. So we will facilitate within this article, the opportunity for others who are more experienced to share what they have learned.
First:
Lets look at gambling in general to give you information you might find helpful. We’d then like to address the person who is married to the gambler (and other family members and friends). And then we’ll address the gambler, as well.
One of the “truths” concerning gambling that we didn’t know was brought up in an article titled, “Gambling’s Impact on Families.” It is put together by Ronald A. Reno. He wrote:
“A University of Nebraska Medical Center study concluded that problem gambling is as much a risk factor for domestic violence as alcohol abuse. Domestic violence murders in at least 11 states have been traced to gambling problems since 1996.”
Another article written by Ronald Reno (and posted on the Beliefnet.com web site) brings out the scriptural reasons why gambling isn’t something we should indulge in. He brings out the point:
“Jesus commanded, ‘Love your neighbor as yourself‘(Mark 12:31). Gambling, meanwhile, is predicated on the losses, pain, and suffering of others. For one to win at gambling, others must lose. For many, the ramifications attributable to their gambling losses are profound. Families touched by a gambling addiction are at greatly increased risk for such negative outcomes as divorce, bankruptcy, child abuse, domestic violence, crime, and suicide.”
Besides that point, the article brings out others as well, with scriptures to support them. To find out more, please click onto the link below to read:
• GOD AND GAMBLING
What Can You Do?
After you recognize that there is a gambling problem going on within your family and that gambling can grow in its negative impact, what can the family do about it? Marriageuncensored.com had an interesting article posted on their web site that brings out the important point:
“There’s the failure of the non-addicted spouse and other family members to respond appropriately and helpfully to the situation. Now, don’t get me wrong on this. I understand that the person with the addiction is the one who must ultimately take responsibility and make the changes to get healthy. If you are the supportive spouse, I am not suggesting that you are responsible for the addiction or the havoc it’s wreaking in your home.
“I am suggesting, however, that the way in which you respond can either create an environment that will help your spouse beat their addiction, or it can contribute to and compound the problem. As the partner who is one step removed from the addiction, you will have a huge impact on how this will turn out —for better or worse.
“The tendency of many in this situation is to tiptoe around the addict and their habit. But while letting sleeping dogs lie may get you through the day, it will not bring about the results you desire long-term.”
Gamblers and the Denial Factor
In a web site article, “Tiptoeing Around Addictions” Dr. Dave Currie, with Glen Hoos, made the point that “DENIAL” is one of the “unhealthy ways that “people respond to their spouse’s addiction.” They make the point that the addict tries to deny that there is a problem. But:
“Their spouse, family and friends often get hooked into it as well. The spouse in particular may deny the extent of the problem. They may try to convince themselves that their marriage is strong enough to bear up under this pressure, and that the issue is better left alone.
“You’ve got to be willing to let go of the security of that fantasy, and face reality. The first (and often hardest) step is admitting you have a problem. The issue is there whether you admit it or not; accepting the truth puts you on the road to recovery. If you deny the depth of the problem, your spouse will have no compelling reason to face it either. If this is the case your situation is never going to improve.”
Enablement Concerning Gamblers
And then there is, “ENABLEMENT,” which is “denial taken a step further.” As Dave Currie and Glen Hoos write:
“It’s covering for the addict, protecting them from the natural consequences of their actions. Some examples:
• “The boss calls and asks the woman why her husband isn’t at work today. ‘He’s in bed, sick,’ she answers… neglecting to mention that the sickness is due to a killer hangover incurred the night before.
• “The wife’s gambling addiction has strained the family finances to the point where the bills can no longer be paid. Instead of facing the real issue, the husband arranges to skip a mortgage payment and opens yet another line of credit.”
Facing the Truth
It’s tempting to do this because it seems easier to do this than to face the truth. However, as it’s pointed out:
“What you’re doing when you cover for the person is removing their motivation to change. Maybe he needs to get fired to wake him up. Maybe she needs to go to the store and have her credit card rejected when she’s trying to buy groceries to realize there’s a problem here.”
“Instead of enabling, you’ve got to intervene. Whether that’s a one-on-one confrontation or some kind of a group intervention depends on what you’re facing. But you need to come to the point where you sit down and say, ‘Okay, we have a problem here. What are we going to do about it?'”
Abandonment
Another way that a spouse and family may tiptoe around addiction is that they turn to “ABANDONMENT” as a way to cope.
“They cover for the addict one too many times and have come to the point where they say, ‘You know what? You got yourself into this mess… now get yourself out of it!’ They wash their hands of the situation and leave their spouse to deal with the problem alone.
“It’s understandable that some people get to this point. After all, it’s their spouse who chose this road, and paying for their bad behavior gets old very fast. Nevertheless, if you’re in this position you’ve got to ask yourself how you want this to play out? Do you really want your spouse to get cleaned up and get your marriage back on track? Because if that’s what you want, you’re not going to get it by leaving your husband or wife to fend for themselves. They’re going to need your support and encouragement every step of the way.
Suppress the Urge to Blame
“Somehow, you’ve got to suppress the urge to cast blame and point fingers. Instead of putting the problem between you, you’ve got to stand side-to-side with the problem in front of you and say, ‘We have a problem. It happens to be your addiction, but it’s our problem, and we’re going to solve it together.’ What a world of difference from the, ‘It’s your problem… deal with it!’ approach.
“This is undeniably tough, especially if your spouse is not showing a willingness to do the hard work of recovery. However, don’t mistake support for softness. Supporting your spouse may mean confronting them, refusing to cover for them, and perhaps even separating for a period of time while they work through it. But it’s got to be done in a context of love and encouragement, and an attitude that says, ‘We will do whatever it takes to get you healthy and to put our marriage back on solid ground.'”
Now, it’s true that you may have been there and done that. But it’s important not to keep allowing this addiction to keep going on in your home. That is because it will continue to erode your marital relationship until eventually your marriage will be totally destroyed. There is no doubt that help is needed —desperately!
Flying Solo
“FLYING SOLO” is another temptation facing you in all of this. Dave and Glen write further:
“As in many other areas of life, pride can be crippling when it comes to dealing with addiction. Pride causes you to say, ‘We don’t need help. We can handle this on our own.’
“Most addicts require outside help to fully conquer their habits —and fortunately, help is widely available. Whether it’s Gamblers Anonymous, Alcoholics Anonymous, Sex Addicts Anonymous —name the addiction, and there is likely a group to help people through it. And if there aren’t any groups for it, there are counselors, pastors, friends to walk alongside you. And there are helpful resources available that can really make a difference.
“You’d be wise if you reached out for help at this time, and not just for the one with the addiction. There are also support groups for spouses, friends and family of addicts. Talking with others that are on a similar journey can bring you strength in difficult times.”
Addiction Info
So, in our search for help for those who are being impacted by the negative effects of gambling upon their lives, we found the following to be something that you may want to use. The authors wrote:
“Because of the involvement of a family member, our hearts have been drawn to the Christian Recovery of Compulsive Gambling and Gambling Addiction. After doing considerable research on the internet on compulsive gambling and participating in the Recovery Process (Gambler’s Anonymous) with a loved one in a Support Group (Gamanon), we would like to share what we have found with all who visit this web site.”
To take advantage of what they offer, whether you are a family member, friend or someone who is dealing with your own gambling issues, please click onto the following web site link:
• IS GAMBLING A PROBLEM? Gambling Addiction Information
Does Online Gambling Affect Mortgages
Something that would be good for the gambler to consider is written by Gregory L. Jantz. Please read:
• 14 QUESTIONS EVERY GAMBLER SHOULD ASK
Older Gamblers
And if you think that it’s only those who are younger that are having problems in this area of life, think again. The ministry of Focus on the Family put together a great series of articles. They are aimed to help those who are living out the years of “Midlife and Beyond.” They are betting their life savings away hoping to obtain more to live on in their growing years. To read the first of the series and then continue on to the other articles they offer on this subject, please read:
Does Online Gambling Affect Mortgage Insurance
• GAMBLING AND SENIORS
We hope you have found this article to be helpful. We encourage you to “Join the Discussion” below if you have further help for those who need it.
Does Online Gambling Affect Mortgage Payments
Cindy Wright of Marriage Missions International wrote this article.