The weird situation of people in debt that still gamble

[Dave1]

This whole situation helped me realize many people who actually gamble do so with amounts they see pointless as saving, but also at the same time many of these people are in very dire financial situations already.

That's weird kind of excuses in my opinion. I'm seeing that he could be a addicted gambler already as he is reasoning everything in the book so that he just justify his gambling habits and not saving money for him and his future.

In any case, for people who's judgement is not clouded by gambling, even though we are gamblers ourselves, there is something wrong with that mindset and I do hope that you can stir your cousins to understand that life is not fair but you have to live with it and gambling might not be one of solutions.

[Cointxz]

This whole situation helped me realize many people who actually gamble do so with amounts they see pointless as saving, but also at the same time many of these people are in very dire financial situations already.

Some people easily tempted to resort to gambling even on dire financial situations since gambling games such as slot games usually promote huge jackpot amount which this people use as target money to help them with their financial situation.

What they are failed is to know how low the hitting rate for such jackpot prize that mostly consume a lot of money and still doesn’t convert to a decent win until they become financially broke more.

[fullfitlarry]

This whole situation helped me realize many people who actually gamble do so with amounts they see pointless as saving, but also at the same time many of these people are in very dire financial situations already.

Some people easily tempted to resort to gambling even on dire financial situations since gambling games such as slot games usually promote huge jackpot amount which this people use as target money to help them with their financial situation.

They think it's the only way out of their financial problems. And so they try to trick themselves that gambling could be the solution as once they hit a big win, their problems will be gone and live normal. But that is the thing, as once you are hook you can't get out of it.

What they are failed is to know how low the hitting rate for such jackpot prize that mostly consume a lot of money and still doesn’t convert to a decent win until they become financially broke more.

Not just broke of money, but their lives will be ruined. Their relationships with their families will be affected and worst case scenario is that you will get separated from your wife or husband because of your uncontrollable gambling habits that you forget to provide for your family and bring food in the table.

[programmer3666]

I saw my cousin the other day playing slots on a very shitty website the other day. It was just a few days after payday.
I asked him in the kindest manner I could to explain himself, since he's deep in debt to a bank for a loan he took, why would he gamble instead of saving to pay back his loan early.

Apparently his bank doesn't give any benefits for early repayment. Even they had an insurance clause in their contract that in case of early repayment the inflation adjusted increases are not only forced in the payment, but also calculated based on a worse case scenario.

So my cousin argued that with the little he could save by the end of each month, there was zero point saving a few dozens of dollars in this economy. He just things he will keep playing slots because in case he wins big he can pay early just to not worry about the loan. Otherwise he just actually wants to lose this money because in case he misses a couple loan payments the bank will even try to compensate the pennies he would have left in his bank account and he doesn't want to let them do that. In his mind the money given to the casino is something the bank won't be able to recover.

I honestly think this kind of happens because many people see gambling as a shortcut out of their financial problems. When someone is already deep in debt, saving a small amount every month can feel too slow, so they start hoping for one big win that will solve everything at once. The problem is that gambling usually makes the situation worse. A good example will be that, if someone owes the bank money and keeps spending their spare cash on slots or betting, they are taking a risk with money they can hardly afford to lose. A few losses can push them even deeper into debt.

[alani123]

it seems you are talking to an addict. These people need professional help. You can’t talk them out of gambling so easily. They don’t care. They can blame everything and everyone but themselves. In this case, your friend blames the economy. He already lost his hopes and he seeks the solution in gambling which is a huge huge mistake. Call his parents maybe… Or try to direct his interest to something else but do it subtly. I am telling you to manipulate him but even that would be better than playing at a casino 24-7.

Yes people are addicted more and more now and so is my cousin. He's playing on licensed casinos which are allowed to advertise freely almost everywhere. In fact I made a thread here about how these stupid casinos will treat you if you win, even to make you more addicted and make you lose eevrything instead of withdrawing: https://bitcointalk.org/index.php?topic=5584388.msg66778002#msg66778002

The fact that they're gov approved just makes things the same or worse because the authority overlooking them is just complicit in the fraud instead of regulating it to help people.

But the other issue here is that banks are also predatory. In what logic will a bank penalise you for paying back early? They actually take less risk because the interest rate for a house loan is generally less than average market returns... They could take cash now, invest it in a stock index and earn more. But banks are greedy too. If you want to pay early just to have peace of mind they want all the maximum inflation they will calculate for the upcoming decade paid upfront. Even with a predatory way to cslculste it. And if you miss a few interest payments while paying by month, house gone... They'd rather make people homeless really.

[yhiaali3]

This is indeed a strange case, but it does not appear to be an isolated case; rather, it is widespread in many societies. Some people have a strange way of thinking and an even stranger way of justifying things that seem illogical.

It is not logical at all to have an outstanding debt and yet continue to gamble without any concern for repayment, arguing that there is no point in saving a few dozen dollars under these economic conditions. In my opinion, he is just trying to find justifications to convince himself that it is okay to continue gambling.

[danherbias07]

That's a very bad point of view of how the gambling games work.

Sure, there's a chance he could win big, but the chances are very low that it may not come any sooner. He will just get buried in more debt if he keeps repeating that same perspective. If you love your cousin, you might want to pressure him into thinking about how it could get worse for him, and he will probably end up in jail if he cannot pay those debts. The worst case in that scenario is that he will still pay the bank even after he is imprisoned.

Anyway, you are right, there are lots of people now who are taking their chances in gambling rather than saving money. It's a different era now because of how easy we can access this bad habit. Most of the time, we forget that it's made for entertainment.

[Joeboy]

I honestly think this kind of happens because many people see gambling as a shortcut out of their financial problems. When someone is already deep in debt, saving a small amount every month can feel too slow, so they start hoping for one big win that will solve everything at once. The problem is that gambling usually makes the situation worse. A good example will be that, if someone owes the bank money and keeps spending their spare cash on slots or betting, they are taking a risk with money they can hardly afford to lose. A few losses can push them even deeper into debt.

About that, I sometimes wonder why anyone would think that gambling can automatically fix their debt problems... The chances of winning are very slim and most time before a win comes, a gambler would have probably  encountered a whole lot of losses which is likely even more when compared to the few wins they made..Then again it would be better if someone deep in debt save up little by little, regardless of how slow the progress amy seem, but that would be much more better than not saving at all. Saving up may sometimes be much more difficult for folks who are already deep in addiction, and if that was the case, such a gambler has to try and fix that addiction problem...

[EarnOnVictor]

-Snip-
This whole situation helped me realize many people who actually gamble do so with amounts they see pointless as saving, but also at the same time many of these people are in very dire financial situations already.

You're accurate, and more reason why some people continue to be deeply buried in their gambling folly.

I will always tell people: "gambling is not the door you knock" when you are facing financial challenges or in need of money, otherwise, it will bury you deeper into it. You only gamble when you want to have fun or just casually try your luck, which is the best part of it.

Your cousin should ask himself if gambling has been positive for him overall. That is enough for a reasonable adult to make a decisive conclusion in such a situation.

[Julien_Olynpic]

When a bank loan is substantial, repayment is spread over many years, and early repayment is not an option, many gamblers bank on a scenario where inflation gradually erodes the debt while their income is somehow indexed to keep pace. This is a common situation; many people—not just problem gamblers—act this way. Even so, they often misjudge their finances and the true value of their money; yet, driven by a powerful urge to gamble, they find ways to play with smaller stakes. Ideally, they should have played with small amounts from the very beginning to avoid incurring massive debts.

[maydna]

Those people gets the illusion about winning big so they keep playing and hope they will win big. That is not happens easily. The more they chase the win, the more they will deep in gambling and they will slowly getting addicted.

The illusion of the winning will not leaves them but will tempting them to keep playing, they do not understand because they only see they still have a hope to win big if they keep playing. It is hard because your cousin don't see the other problems that can occurs to him. He can get addicted to gambling and if that is really happens, that might difficult to help him.

[asriloni]

I can feel what happened to your cousin. As far as i can tell paying early give no benefit for us instead the bank will charge us with 5% - 10% penalty for that. It's ever happened in my close person too.

So what he said was right, but his addiction seems also ruining his brain. He should just save his money instead of use it for slot.

I understand he aims to get a jackpot. So he can repay his debt early and pay the penalty. However, it's a very risky decision. He may end up with no money, and unable to pay his debt too.

It's a very difficult decision to choose. He may be wrong, but he's also right in the different when we saw him from different POV.

[iv4n]

Apparently his bank doesn't give any benefits for early repayment. Even they had an insurance clause in their contract that in case of early repayment the inflation adjusted increases are not only forced in the payment, but also calculated based on a worse case scenario.

Looks like it's a standard bank practice. A long time ago, I had a loan for 4-5 years, and I wanted to repay it in full after a year maybe... this is exactly what that adviser told me, it's more expensive to early repayment than to wait and return it on a monthly basis. I never took a bank loan again after that...

This whole situation helped me realize many people who actually gamble do so with amounts they see pointless as saving, but also at the same time many of these people are in very dire financial situations already.

They are waiting for some miracle to happen... they don't see any other "out" from their situation, so they are spending the last money in their pocket chasing a lucky hit. They don't realize they are just sinking more & more... and you can't help them, nobody can't help them when they don't want to change.

[alastantiger]

About that, I sometimes wonder why anyone would think that gambling can automatically fix their debt problems... The chances of winning are very slim and most time before a win comes, a gambler would have probably  encountered a whole lot of losses which is likely even more when compared to the few wins they made..Then again it would be better if someone deep in debt save up little by little, regardless of how slow the progress amy seem, but that would be much more better than not saving at all.

When people are in debt it is not always easy for them and they always try to look for an easy way for them to clear their debts. When they hear story of how lucky some people were that they got into gambling and got a big win then they get tempted and this make them to resort to gambling as their only way out of their debt. What they fail to realize is that gambling is not fair it is a very unfair game that you might think you are next to win but that win might never come although that does not mean the house will spare you and not take your money. A lot of gamblers lose than they win and this is a common statistics that makes gambling not an ideal fall back option to repaying your debt.

[hedgeh0g]

I can feel what happened to your cousin. As far as i can tell paying early give no benefit for us instead the bank will charge us with 5% - 10% penalty for that. It's ever happened in my close person too.

So what he said was right, but his addiction seems also ruining his brain. He should just save his money instead of use it for slot.

I understand he aims to get a jackpot. So he can repay his debt early and pay the penalty. However, it's a very risky decision. He may end up with no money, and unable to pay his debt too.

It's a very difficult decision to choose. He may be wrong, but he's also right in the different when we saw him from different POV.

Sometimes I think it's better not to help such people, because our help can only make things worse. For example, they'll realize that someone is taking on some of the responsibility for them, and they might feel relieved to shift it onto someone else's shoulders while continuing to gamble. This feels like a false sense of security when gambling for your own bankroll. Many gamblers underestimate these subtle processes, as do codependents who try to help them. I know many stories of codependent gamblers, and today I'd think twice about helping them.

[viljy]

In my opinion, this is a logical explanation for why he plays despite his debts. The debt will either be repaid by a happy accident or the bank will not receive even a small amount of money. In fact, this is a situation of slave debt, the ability to pay which is unattainable at this level of income. That is, it makes no sense to try to collect pennies to feed bankers, becoming their debt slave.

[Achalugo BTC]

Sometimes I think it's better not to help such people, because our help can only make things worse. For example, they'll realize that someone is taking on some of the responsibility for them, and they might feel relieved to shift it onto someone else's shoulders while continuing to gamble. This feels like a false sense of security when gambling for your own bankroll. Many gamblers underestimate these subtle processes, as do codependents who try to help them. I know many stories of codependent gamblers, and today I'd think twice about helping them.

Some gamblers will make you feel that helping them its a mistake that you have make, instead of them to embrace the help and also try their best so that they will also be helped, they wants to take it as an advantage for them to continue gambling and some people don't like this act when they brings their hearts to help them. And you are right, sometimes before one can help, they should think twice as you have said, so that their help won't actually look like actually look like a problem to them by making them to gamble even the more.

[bakasabo]

I cant tell that situation is weird that people who have debts or gambling debts still gamble. Look on this situation from following angle. People use credit cards, spend money they dont have, and continue doing that. People with mortgage, they are constantly in debt but still live normal life and dont worry about anything. If a person can repay debt, I dont see problem if he gamble or do anything else with borrowed money.

[Junii]

What your cousin is doing is actually  common in peoples who are under financial stress in this stage the person thinks emotionally not logically.  When someone is in debt and feels like the system is unfair  they often start seeing money differently. Instead of thinking in terms of long term for recovery i mean slowly reducing debt they start focusing on chance based escape because in general the concept of gambling looks like a shortcut  i mean small money today big solution tomorrow type. The problem is that this thinking ignores probabilities. Even slots are designed so that over time the player always loses. So what feels like i might fix everything with one win is actually closer to i will slowly lose what little money i have left in my pocket . Debt does not disappear in that process it usually gets worsen because missed payments and stress compound the situation.

[Free Market Capitalist]

I cant tell that situation is weird that people who have debts or gambling debts still gamble. Look on this situation from following angle. People use credit cards, spend money they dont have, and continue doing that. People with mortgage, they are constantly in debt but still live normal life and dont worry about anything. If a person can repay debt, I dont see problem if he gamble or do anything else with borrowed money.

You don't see the problem? You can't just go on a buying spree and buy five houses, whereas you could lose a fortune in borrowed money in a short period of time. You can keep paying off debt until you stop paying it, and for someone with a mortgage, credit card debt, and personal loans, going to the casino with borrowed money can end up in bankruptcy.