The weird situation of people in debt that still gamble

[Hewlet]

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.

Here's how it works in general, if you're owing a bank as much as $2k for instance and barely have $10 to $20 once in a while. When you consider how long it will take you to pay up the $2k considering that what you have is just $20, it will generally appear more reasonable to gamble with the $20 and hope to win from your game and in the process get more money that can be used to sort out your debt. If you loose, you take it in good fate and if you win, you get an added advantage that helps you settle your debt faster.

What's wrong is gambling extensively as a means of setting your debt and therefore becoming more indebted. Some gamblers even take up loans to gamble with the hope of using Thier potential wins to settle the bigger loan. That's what's the most crazy thing a gambler can do..

[GreatArkansas]

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.

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.

I got the same situation here with one of our family members before, where I confronted her about why she was still gambling even though she already got a huge amount of money before, where she promised she would stop gambling and pay that money to all of her debts, but right now, every time I confront her, she is always mad and angry. I'm really curious why she is like that, like it seems she just always does that action (being mad), so next time people will be afraid of her when she is confronted.

[purple_sparkles]

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.

Here's how it works in general, if you're owing a bank as much as $2k for instance and barely have $10 to $20 once in a while. When you consider how long it will take you to pay up the $2k considering that what you have is just $20, it will generally appear more reasonable to gamble with the $20 and hope to win from your game and in the process get more money that can be used to sort out your debt. If you loose, you take it in good fate and if you win, you get an added advantage that helps you settle your debt faster.

What's wrong is gambling extensively as a means of setting your debt and therefore becoming more indebted. Some gamblers even take up loans to gamble with the hope of using Thier potential wins to settle the bigger loan. That's what's the most crazy thing a gambler can do..

One of my close relatives ended up in a situation where he owes money to almost everyone possible and still continues to gamble. All of his close people have already distanced themselves from him, because whenever someone tries to show sympathy or support, he takes advantage of it and asks for more money. It is an addiction, and unfortunately, until a person truly wants to overcome it themselves, no one around them is really able to help.

[avp2306]

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.

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.

It seems that your cousin is living on a fantasy on which once he hit a huge win from slot, he can pay all of his debts.

But what's unfortunate on his situation is, he didn't even bother to consider also the risk of his decisions also actions done. If he experience bad luck he provably get lose a lot and that will add another problem to him.

What he think is risky and better not to follow by anyone. We cannot rely our faith on gambling and he might get broke more for that bad decisions done.

[Somto9Light]

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...

Any gambler that is into serious debt won't find it easy to save up or pay up their debt because they will always think of how to double their money through the means of gambling so that they can pay up quickly, expect for those that don't like to be a debtor, will make move to make sure they do every necessary thing for them to pay up, if not its not easy to fix the habit that will make the saving part possible and if they are discipline, it can also support them in becoming better.

[DubemIfedigbo001]

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.

He's an addict already, he needs help with therapy at least. Since he sees no point in saving money to repay his debt but is very optimistic to gamble away the money in the hope of a huge win and that it's out of the banks reach, he's getting his priorities wrong and that's a measure of how gambling addiction has eaten deep into him. He really needs help and he needs it fast!!

[cryptomaniac_xxx]

He's an addict already, he needs help with therapy at least. Since he sees no point in saving money to repay his debt but is very optimistic to gamble away the money in the hope of a huge win and that it's out of the banks reach, he's getting his priorities wrong and that's a measure of how gambling addiction has eaten deep into him. He really needs help and he needs it fast!!

That's obvious, but I think it will be very difficult to call him out of his addiction. As what the OP describes, it seems that he is already has some excuses to continue with his gambling and not saving and view it as a way out and become rich.

Although there could still be time but only if that person cooperates and recognize that he has a gambling addiction. And after, that is the only time that they can give him the therapy and the needed professional medical help to turn his life around for the better.

[nimogsm]

The logic is certainly impressive. Hoping that slot machines will help him pay off his debts is like opening a window and simply throwing away money. Instead of refinancing the loan at another bank with more flexible terms-and I'm sure there are some out there no one's been looking for them.Sometimes the stupidity of some people is impressive. It's not hard to guess that this person will be in debt, but even more so if they continue in the same spirit.

[davis196]

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.

Gambling addicts can justify every stupid decision they make. Gambler's logic isn't the same as a normal person's logic.
To be honest, I totally get his point. Why save money, that would eventually be devalued by inflation? Why not spend the money at the casino? I find it weird that the global inflation kinda helps for the "gamblification" of the global economy. Saving money in the bank becomes pointless. The only way to multiply your money is to take higher risks(investing, trading or gambling). At least you would have a small chance of winning big. I don't understand the banks, that punish people for early repayments of their loans. Anyway, I hope that your cousin has a stable monthly income. This would allow him to repay his loan and have a small budget for gambling every month.

[danadc]

A person who is in debt and continues gambling hasn't learned their lesson. I would venture to say they are addicted to gambling. If there's an activity that's bad for me, the best thing to do is not to do it. But as we all know, gambling is different. If we owe money, we shouldn't gamble until we pay off our debts. We can't be so irresponsible and keep falling into the abyss of debt.

[X-ray]

This is a common situation in gambling. It's also the reason why gambling becomes one of factor to trigger suicide. When people are falling in the debt, they're using gambling to find a solution over their debt by gambling with the hope they win a jackpot.

In their imagination, they were expecting to doubled or tripled their money so easily. So they can repay their debt, and take some profit for themselves. Meanwhile, the fact is always going to opposite.

So don't be surprised when you found that kinf of people exist. They basically gambled their live with the hope it can solve all of their problems at once. Winning jackpot, pay the debt, and enjoy the life. It's all what they expected.

[mirakal]

A person who is in debt and continues gambling hasn't learned their lesson. I would venture to say they are addicted to gambling. If there's an activity that's bad for me, the best thing to do is not to do it. But as we all know, gambling is different. If we owe money, we shouldn't gamble until we pay off our debts. We can't be so irresponsible and keep falling into the abyss of debt.

It depends on how they manage themselves in gambling. I have been in debt before and still gambling, but I felt no problem with that because I knew I would be able to pay my loan. In fact, if I remember correctly, I even borrowed money from one of the lenders here before just to use it as capital in gambling. I lost that amount, but I never forgot to pay my loan.

The key here is gamble what you can afford to lose, and borrow only what you can afford to pay.

[Dr.Bitcoin_Strange]

He is gambling obsessed, I believe that is why he is more concerned about gambling instead of making arrangements on how to clear the debt, that's just how some people are, they prefer to gamble instead of doing other things that is more important with the money they have, I have seen people who prefer to spend on gambling instead of paying fees for their kids and also providing personal and family daily needs. I don't even feel so comfortable if am in debt, so I can't exhibit this kind of Habit.

[SamReomo]

When someone is into gambling then they don't care much about the debt, they continue to gamble in hope of getting a good win but such people in most cases never get any good win and continue losing overtime.

Gambling with responsibility is needed and if someone isn't responsible then such a person isn't doing gambling in proper way. Good gamblers gamble with responsibility, they never gamble when they're in debt. That's the main difference between good and newbie gamblers.

[noorman0]

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.

The important thing is that he didn't try to solve his financial problems through gambling. Credit cards and mortgages don't explain a person's entire financial situation. Many wealthy people pay for luxury meals with credit cards, or expand their businesses through debt, yet they still manage to budget $100 per week for sports betting.  It's all part of managing and planning expenses. There's nothing unusual about it.

[Hardyrobust]

First, gambling is not a source of income and it is wrong for a gambler to borrow money with the hope of paying back the loan from money that he is expecting to win from gambling.
I would said that your cousin is an addicted gambler because from what you narrated he is actually to pay back the money he borrowed from a bank with a winning that he may realise from playing slot. Borrowing money without any plans in how to pay back is something that common to addicted gamblers.

[qwertyup23]

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 not telling you to manipulate him but even that would be better than playing at a casino 24-7.

I remembered, I personally know someone who is so addicted with gambling to the point that she exhausted half of the retirement savings of her father for payment on loans she got during COVID.

Gambling really brings both the best and the worst to some people. Best in a way that you tend to be more generous and careful with your financial decisions; worst in a way that you tend to rationalize all of your bad habits just to satisfy that insatiable hunger for gambling.

He is gambling obsessed, I believe that is why he is more concerned about gambling instead of making arrangements on how to clear the debt, that's just how some people are, they prefer to gamble instead of doing other things that is more important with the money they have, I have seen people who prefer to spend on gambling instead of paying fees for their kids and also providing personal and family daily needs. I don't even feel so comfortable if am in debt, so I can't exhibit this kind of Habit.

When you encounter persons such as what OP described, they tend to be very close-minded. Meaning, they will always justify and rationalize their situation even if they are in a very tight financial situation. They will always have reasons in order to make it seem that what they are doing is out of their control.

[Agbe]

Advising someone who is in debt while gambling is like giving advice to a deaf person because definitely the gambler will not listen to your advice and Al what is thinking at that moment is to win and pay back his loan and the more he thinks in that direction, and playing games, the more he will be losing it. People have advice others like this but the results were not good. Though it is good to tell the person to stop gambling and one day, he will understand better.

[Akbarkoe]

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.

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.

I feel that he is trapped in financial problems and also trapped by loans that cannot be easily resolved, this is a difficult situation, then make a decision to try luck in gambling, this is a pattern that will continue to damage yourself and can lose everything, even though savings are still important even though they are not large, some other things must be anticipated such as illnesses that are cured or vehicles that are damaged and that require money where is the logic if someone ignores other risks.

I think it is better to look for additional income, at least the deposit is still fulfilled and also savings can be owned for a longer life than using the remaining money to seek luck in gambling.

[tech30338]

When someone is into gambling then they don't care much about the debt, they continue to gamble in hope of getting a good win but such people in most cases never get any good win and continue losing overtime.

Gambling with responsibility is needed and if someone isn't responsible then such a person isn't doing gambling in proper way. Good gamblers gamble with responsibility, they never gamble when they're in debt. That's the main difference between good and newbie gamblers.

Some people forget responsibility when they are playing they thought that they can erase the problem in any situation, but when they are already in a neck deep situation things change, if a person is responsible he will make sure things are manage properly, spending are being calculated and accounted for, this are people who work hard to be able to afford what they have, unlike those people who will try to bet the money they needed for the family expecting it to double or triple, i would say gamble but make sure the money for the family is already set aside.