Credit card gambling fuels gambling addiction

[Cookdata]

I don't know how deep the debt on credit card gambling is today until I do my own research and mehn, and it's very sad, many people are in debt because they keep using their credit cards to fund their gambling hunger.

Imagine someone you know telling you that it will take him 12 years to pay off his debt, I now know why few countries don't want their citizens to gamble using their credit cards,  betting on credit cards has left too many people in thousands of debt.

Which makes me think that Credit card is far more helping to fuel gambling addiction more than anything else, you don't actually have the money, but you can still gamble, this alone will make people to lose their minds and gamble anyhow.

I'm glad I don't even like using Credit cards for gambling and my reason isn't even because of possible reckless gambling but because I don't like centralized payment solutions, you should stay away from using Credit card to gamble online, it sure would easily throw you out in the street, homeless.

I'm not a regular government worker to have such type of credit card, to have a credit card here, you must have a stable income either weekly or monthly so that as money is coming to your accounts, the banks will sharply take the money they loan you before your payment arrives with interest, I believe that is how credit cards work everywhere, so I don't think banks will worry about how their customers spend their money and they will not because of customers that gamble with the loan money to stop the service.

In every action, there is an equal and opposite reaction, the opposite of credit card is what some gamblers are doing otherwise credit cards are not designed to be used for gambling, it is emergency money when unforeseen circumstances hit you at the wrong time, this fund helps a lot instead of running hecta up and down for people to borrow you money they don't have and some might even have but nobody will lend it out for any reason.

Moreover, I don't have a problem when people use their credit cards to gamble but the question that lies in is do they make a profit from it, if a gambler makes money from the credit card money he deposited in a casino, not a bad decision but losing all make you weak and foolish for risking money that was taking on loan with probably high interest to blow everything on gambling.

[salad daging]

Never used a credit card to gamble, I knew this would be a problem because of the benefits it provides but they never looked back at how the debt ballooned and it was clear this would become a worse addiction.

There was a thread here, Australia has banned the use of credit cards for gambling, this is causing problems because the debt level of its citizens is increasing, now their government is enacting laws for this problem, I know there is a positive impact where they can no longer use credit cards to gamble.

It's possible that some countries are still doing it, but we need to avoid that because it's clear there will be big risks when bills continue to increase.

[sokani]

I really don't see how the restriction of credit card on gambling platform could help reduce the number of gambling addicts or prevent them from running into debts. The government might consider this a good decision but lets be realistic, how could this stop gamblers? They can still use their credit cards to buy cryptocurrency from exchange and directly fund their casino accounts from the exchange or from their wallets. If the ban could reduce the number of gamblers running into debts it's just by a smaller number.

[maydna]

If you have a credit card, never use it to gamble because you will not realize that you have used a lot of money to gamble. Using a credit card is so easy that many people take it for granted and assume they can pay their bills at the end of the month.

Many people get so caught up in using credit cards that they can't afford to pay them. Even with a credit card, all your savings will be used up without any remainder. I experienced it because of my stupidity at that time.

And I agree that credit or debit cards can impact gambling addiction more quickly because we can go to the casino and use a credit card to gamble. The credit card company will pay for the use of money for gambling, but at the end of the month, the credit card company will be ready to collect the debt from us.

[wheelz1200]

The interest alone on credit card gambling is dangerous enough.  What happens is that since its not "real money" people tend to over extend themselves because there is a payback period.  Whereas if it's coming directly from your bank you have a limit as to how much money you need to survive so you can't go too deep.  Credit cards and gambling should not be used.

[livingfree]

It's like a rope in a two way for those credit card users. As they gamble, they know what will be the repercussions of that action.

First, that's what everyone is aware of because you can't beat the house. Next is more crucial, forget about gambling things and its effect but this could impact your record within the bank or the credit card company that you use.

As some of them don't really like that reason for their user to spend their CCs. They may revoke your card and won't allow you for a new application.

[Sandra_hakeem]

Owning credit cards are cool, but the demerits are alarming ASF!!
I'm happy that banks don't borrow cash to unsolicited accounts... Everyone isn't entitled to borrow and pay at Thier will... You'll need a collateral to do so. The major question that deems the interest of the parents on unaffected youths - unborn or closely monitored - is; is this not just another means to thwart the efforts of 'em parents, making out with Thier children without 'em getting involved in gambling traumas???
I've fucking seen cases where kids at 11 begin gambling.... Who taught 'em toddlers?!!

Sandra 🧑‍🦰

[Vaskiy]

Common people find it hard to use credit cards. Even without knowing how to make use of it people are having credit cards just for namesake. There are another set of people who doesn't want it, but due to the repeated suggestion from banking side they used to get credit cards. In reality credit cards need to be utilised in the proper way, if not the interest itself a big burden.

As suggested credit card usage into gambling could create big problem as the user is able to make use of the maximum limit of fund for the month or for the specific time period. If the user wasn't able to experience the win, then this is going to be difficult for the gambler as he needs to settle the amount within the scheduled time period. In case, if the amount isn't settled interest starts to add to the amount. This used to be a big burden.

Some countries have banned the usage of credit card on gambling needs, which is appreciable. But with the choice available it is easy to gamble using the credit cards. One simple way is buying cryptocurrency with credit card and the same could be used for gambling. So, people will always have choice and to stay out of addiction and to be on the safer side it is the gamblers mind to decide and have control over it.

[Ever-young]

How does this credit card loan even work, do the user with a specific credit card have access to a specific amount of loan which they can take from their designated bank account, or are their some qualifications needed by a country citizen in other for the person to qualify for such loan, i believe before anyone can get such credit loan they need to have some stable income, have a property that can be mortgage and all of that.

Another thing is for a loan which is to be take from credit card, doe it not need to have restrictions on where such loan can be used on? Like the kind of platform they can use their credit card to pay for such, and the kind of purchase they can use such card for, if the government of a country which offer such loan can add restriction to the card their will be a little reduction on the debt rate incurred due to how gambler make use of the credit card.

[DaNNy001]

This has been the major problem for many folks and it has been the major reason of gambling addiction and we all know what an addiction can cause because that's where the whole start of the owing and debt comes from because a gambler can go the extra miles just to certify his gambling urge and can definitely empty his account just for this act here which in the end there will be nothing to show for.

[danherbias07]

Is it really just gambling? IMO, it fuels everything. Shopping addiction, drugs, and unwise spending. Credit card is the root of evil for the irresponsible.
I have seen way too many people who are in debt because of their credit cards and they are not even gambling but all of the money is going to their brand-new smartphones, appliances, and more as long as the credit limit can handle it.
And, even if we use gambling addiction to attack these banks to stop the credit card thing, that won't happen. This is the type of business they are into, and I do believe rich people like having this kind of stuff because they can buy anything they want without having any trouble bringing any cash.

Gambling addiction can be from anywhere but I guess you are right that credit cards can be the start of that. Because every deposit is just one swipe away.

[Iroh]

Why find fault with the service and not with the individual? I think the bulk of the fault dwells with the individual and the service has little to do with it.
Credit cards purchases has helped a lot of people as well. But I must admit, there are individuals that financial institutions should not have issued credit cards to.

As with gambling, people have purchased, rather recklessly, items that should not have been purchased with a credit card. For some individuals, credit cards fuels irresponsibility and financial ruin later on. That doesn’t mean the service isn’t helpful.
Fault the individual and not the service. People are going to be irresponsible with any service no matter its good intent.

[robelneo]

I don't know how deep the debt on credit card gambling is today until I do my own research and mehn, and it's very sad, many people are in debt because they keep using their credit cards to fund their gambling hunger.

It has always been said not to gamble with money that you cannot afford to lose, and money coming from a credit card is money that you cannot afford to lose because it's not yet your money it is a form of cash advance and it has accompanying interest associated with it, using credit card has a huge risk on it but compulsive gamblers ignore such risk they will just play as long as there is a flow of money coming in and credit card is the worse source of money that you can use for gambling, fees are unpredictable and add up to quickly.
Of all the things, credit card spending is hard to control It is very tempting because it is money ready to spend and you'll pay through installments when you think of it you may think it's convenient until you have a hard time paying.

 

[Smartvirus]

Imagine someone you know telling you that it will take him 12 years to pay off his debt,

12 years! That’s a lot of debts and come on, how do some gamblers really get it this far and still continue… oh! Don’t tell me. The singular idea that they would win and get to repay most of the debts incurred through gambling from gambling.

It’s often sad when some reckless gamblers don’t realize how they got there in the first place. July thinking of many possibilities and they ended up accumulating more debts. Well, some of those debts could turn out to be bad debts.

Which makes me think that Credit card is far more helping to fuel gambling addiction more than anything else, you don't actually have the money, but you can still gamble, this alone will make people to lose their minds and gamble anyhow.

you should stay away from using Credit card to gamble online, it sure would easily throw you out in the street, homeless.

You’re not supposed to gamble when you don’t have money to fulfill this desire. People ought to realize that, gambling from loans, credits, and from money your given for safe keeping or anything of that sort offers more risk than when you use your funds as, your pressured for a win and that could make you take more risk as per the wins and this could end badly.

[ralle14]

I'm lucky that the bank i'm currently using doesn't allow this because they're very strict with gambling transactions similar to crypto exchanges.

Also, I prefer avoiding credit cards unless it's the only payment option I have and I know I can pay it within the timeframe because it could tempt you to spend over your limit when it can be avoided by managing your funds consistently.

[alegotardo]

I don't know how deep the debt on credit card gambling is today until I do my own research and mehn, and it's very sad, many people are in debt because they keep using their credit cards to fund their gambling hunger.

In my honest opinion, the use of credit cards should only be allowed for purchases of significant amounts, such as a vehicle, a more expensive appliance, or things like that.
Any purchase for common day-to-day use should only be paid for with the money that people have, as what is for daily use (day-to-day consumption) should only be paid for with the money that the person has.
When the credit card is used for everyday purchases, it ends up becoming just a way of postponing debts and not making it possible to acquire an asset that would be impossible with just the money you have in cash.

In the case of gambling, the situation certainly gets worse, as it mixes up the player's emotions and many only realize the severity of the problem when they have reached the card's usage limit.

[alastantiger]

It was the UK who sometime in the 2019 that first ban gambling with credit cards due to the adverse effects it had on the gamblers. As at them, it was even reported that over 800,000 gamblers relied on their credit cared debt for betting. This is almost the same thing as relying on casino credit for gambling. Some of these gamblers have ran into problem with the authorities because they can't control their gambling addiction that is fueled by credit cards.

Australia, four months ago are towing this path as well. I think that this should be supported by more charities and gambling companies should be made to register with the gambling self-exclusion scheme known as "GamStop" or  its alternative.

[wxa7115]

I don't know how deep the debt on credit card gambling is today until I do my own research and mehn, and it's very sad, many people are in debt because they keep using their credit cards to fund their gambling hunger.

Imagine someone you know telling you that it will take him 12 years to pay off his debt, I now know why few countries don't want their citizens to gamble using their credit cards,  betting on credit cards has left too many people in thousands of debt.

Which makes me think that Credit card is far more helping to fuel gambling addiction more than anything else, you don't actually have the money, but you can still gamble, this alone will make people to lose their minds and gamble anyhow.

I'm glad I don't even like using Credit cards for gambling and my reason isn't even because of possible reckless gambling but because I don't like centralized payment solutions, you should stay away from using Credit card to gamble online, it sure would easily throw you out in the street, homeless.

Many countries are already passing policies against this and even banks on their own are refusing to allow their customers to use credit cards to gamble, and the reason for this is simple, the money in a credit card is not yours, it belongs to the bank and as such they have the right to deny you a loan if they want.

Another issue is that if you were to buy an expensive product with your credit card you could at least sell it and recover some of the money you used to buy it, making the chances you pay your loan to go up, but when an addicted person uses credit cards to gamble they have nothing to show for all the money they spent, making them customers with a higher risk of defaulting on their loans.

[lienfaye]

I don't know how deep the debt on credit card gambling is today until I do my own research and mehn, and it's very sad, many people are in debt because they keep using their credit cards to fund their gambling hunger.

It's unfortunate that many gamblers are doing this to feed their gambling hunger (just like you said), but clearly it's on the gambler's discretion if they fall into this to continue their gambling activity. Maybe it's really tempting to use our credit cards to be able to play especially if you're out of cash. But before doing so, think deeply is it really worth it to use credit card just to play?

Which makes me think that Credit card is far more helping to fuel gambling addiction more than anything else, you don't actually have the money, but you can still gamble, this alone will make people to lose their minds and gamble anyhow.

You might be right. However, this still depends on the self-control of a gambler. You can't become addicted even there's an option to use credit card if you have discipline. Because resorting to this payment method to gamble is certainly beyond the limits. Therefore, one should know the consequences of using credit card in gambling so regardless of the outcome, you're aware.

[bayu7adi]

The primary aspect of a credit card is debt. It allows someone to make purchases upfront and settle the bill at the end of the month. It's the culture of indebtedness that poses the actual danger here. Because one can easily lose control and fail to consider the long-term impact on their financial condition. People get too comfortable with debt because they can do this and that, but they'll struggle when it comes time to pay the bill at the end of the month.

Using a credit card for gambling only opens the door to limitless gambling. Someone can exhaust their credit card limit, which can be perilous for their financial situation, especially if this accumulates over time. Subsequent life becomes about repaying unnecessary debts.

Never gamble with money you haven't fully mastered, and always ensure that the money used is discretionary and not essential.