Online gambling ‘adding to debt management problems’

Debt management problems among students are being made worse by online betting, the gambling advisory service Gamcare has said.

The body warned that the attraction of winning a big cash prize to help pay off loans and fees has lured in many students to take financial risks, the Guardian reports.

Gamcare’s chief executive Andy McLellan was quoted by the paper as saying: “These students often don’t know how to handle money and don’t have the risk assessment skills required.”

Those who have debt management issues as a result of past gambling actions may be able to reduce their liabilities through taking on financial products that cost them less money.

In a report this week, Gamcare said that problem gamblers could have run up debts of as much as £60,000.

It also said the way to solve the problem is partly a matter of educating people to learn greater financial literacy.

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