Lottery Increases Debt
Many households pin their hopes on the lottery to solve their debt problems. Many of these people have trouble making their monthly loan and mortgage payments, while the addictive promise of wealth keeps them spending more and more money on lottery tickets.
The unfortunate thing is that many of these people buy the tickets in secret. Or, they buy the tickets online as ’stress relief’ There are media reports of people who sink hundreds of pounds a year into tickets. Losing only drives them to buy more.
This type of person is likely to take out a debt consolidation loan for two or three thousand pounds more than they need, and spend the rest on tickets.
The chances of winning a 6/49 lottery game, popular in many European countries, are one in fourteen million.
The lottery corporations are aware of the problem, and use clever marketing tactics to entice people to buy just one more ticket. The main popularity of lotteries is that they offer a low cost chance of winning a huge prize.
The National Lottery operators (Camelot) in the UK, have created their own “ingredients of success” using popular products, effective marketing, convenience of play, security of system and efficiency of operation.
The lottery companies themselves do not understand the full impact of gambling on the levels of poverty, and issues like delinquent mortgages, repossessions, and divorce. The main problem with lotteries is that many people do not consider a lottery as ‘real’ gambling. They fall into the habit, without realising they have a problem until they have built up major levels of credit card and personal loan debts.
Source: 1stopfinanceshop
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