The weird situation of people in debt that still gamble

[Sticky Bomb]

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 agree with you that some people gamble with money feel is too small or significant to save. However, I do not think that is the right thing to do especially when the person is already in dept.

Perhaps your cousin should stop gambling and focus on finding other source of income in order to pay off his dept, If he continue gambling with every dollar he feels is to small to save you may end up saving nothing at all.  

I don't even understand that part that money is too insignificant to save, seems like i need to send that cousin my address so he dumps insignificant and unsavable funds there consistently . Anyways addiction is his problem. If he would quit his excesses and start saving no matter how small, in a few months he would be proud he did so instead of loosing all of it to the casino every pay day. Someone in debt should not use gambling as a source of income to attempt paying. For me he should quit gambling totally until he's fully paid the debt.

[terrific]

That is a wrong mindset because if he still has debt, he should be able to save a small portion of his money to save, if he is so worried that the bank will take some of his money in his account to compensate for his debt, then he should be able to withdraw the money and keep it in cash. so this is just an excuse for him to find justification for gambling because if he really intends to save, then he should be able to do that and reduce his gambling.

It is the right thing to do when a person is in debt. They have to save and pay that debt.
Because when you have a debt that you need to pay, you'll have fewer options to make and if you're not doing anything to clear that asap.
You'll deal with more problems soon. So that guy is doing the wrong and only believing into his fantasies that he's going to clear it once he hit the jackpot.
That is once in a blue moon that's unlikely to happen to him. I also think it's only an excuse for him so that he can gamble more.

[Smartvirus]

You are right, it is indeed real, and I guess it is no longer a hidden fact that those who gamble, even regularly, are not in a good economic situation. Some gamblers still have control with small money limits, so they can still set aside money to pay installments. However, there are also gamblers who do not really care about that, so after payday, most of their money will be spent on gambling.

One thing that is there to understand about life is that, it is important to keep up with hope. Life wouldn’t be worth living for some individuals if they’ve got no hope, it’s the one thing that keeps people going, I’ll tell you that.

That is what gambling does for the common man and some gamblers that are experiencing serious financial crisis. When you make that bet and have that ticket to keep up with for the period the games is to run, you’ve got hope for a win, hopes that you could get money to aid your current situation. At the very least, you don’t get to put in a lot on the stakes, just about enough and you wait.

You know how lucky money could make an easy spend, there it is, the debt wouldn’t matter.

[r_victory]

It's not unusual for someone addicted to gambling. There are still those who believe they'll win a fortune and be free of debt because they'll be able to pay it off. In my country, most of the population is in debt, and many have the means to pay, but choose not to.

[knuckey]

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 believe they were psychologically unhealthy before they started gambling. They couldn't even differentiate between what was important and what should be saved for daily needs. But a gambling addict, without even thinking, could still spend all their money on gambling. Not only that, but some even borrow money to gamble. People like this really need rehabilitation; they feel sorry for their wives and children.

[Questat]

The very reason why debts are hardly fully paid because gamblers do not stop gambling using their borrowed money. Its like it creates a heavier motivation to win from gambling when you are gambling using other people's money or when you are drown into debt.

But since this is gambling, winning is guaranteed only for the house but never for the gamblers, leaving these people piled up with debts, and since its hard to repay using their own income, they chose to prioritize gambling instead wishing to hit a major luck so they can repay their huge debt.

And gamblers will always be gamblers, regardless of how they've incurred into a huge debt, they will never stop from gambling.

[STT]

Money burning a hole in his pocket we call that, classic problem and not even a gambling problem in the majority.   Some people are desperate to spend every penny they have as if its a lead weight around their neck.
  Bad case of distracted thinking and a person unable to focus themselves away from the positive feedback of spending cash on just about anything.   The economy would run a lot slower if people only paid out the sensible cash they absolutely must spend not the junk they buy for no good reason, so no government is in favor of good sense as they all want that money spent so velocity stays up in the economy, on gambling, on random items or anything it seems like.

[LUCKMCFLY]

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.

I say the basis of everything is responsibility, whether in sports or any activity, but I think that when it comes to gambling, we must have the most responsibility and common sense and logic, because what is at risk is money. So if we lose money gambling, just because we felt like it or because we couldn't control our emotions or impulses, we are irresponsible people, that's why gambling is not for everyone.

[tech30338]

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.

I say the basis of everything is responsibility, whether in sports or any activity, but I think that when it comes to gambling, we must have the most responsibility and common sense and logic, because what is at risk is money. So if we lose money gambling, just because we felt like it or because we couldn't control our emotions or impulses, we are irresponsible people, that's why gambling is not for everyone.

People think that if they ever win in gambling the problems is going to go away, little did he know, once you win once, you will get addicted, without being responsible you will end up losing big , instead of winning, they were caught on the situation where they always thinks in advance, i'm not saying you need to think negative but, we all know what will happen when you gamble we lose big and win small all the time, some really win but they end up spending the money for nothing and go back to gambling the next day.

[yhiaali3]

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.

Unfortunately, many people think this way, even non-addicts, as you mentioned. But this type of thinking makes a person underestimate the danger of religion and justify the addictive behavior of addicts who believe that the future will solve their problems.

But the truth is that it is just a psychological illusion in my opinion, because inflation hits them before it hits the value of the debt, because in reality salaries often do not keep up with inflation, purchasing power decreases, and debts remain fixed. Also, banks protect themselves through variable interest rates, interest rate revaluation, conditions that prevent early repayment, or additional fees.

[Fortify]

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.

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've encountered this in the past and the illogical reasoning that you encountered as a way to stay in debt. Deep down most of these people will want to get out of debt, because who wants that hanging over then, but are not willing to take the small yet consistent steps required to clear it. Most of the time it starts as "just a few dollars" because the banks want you to get deeper and deeper into debt. One day you wake up and realize half your wages are suddenly swallowed up in just paying debt that you accrued years ago playing games. It's hard to change this situation though, unless you hit some kind of break point that allows you to think differently - like switching from casual work to full time which greatly boosts your income and allows you to clear debt.

[acroman08]

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.

By the sound of it, this feels like he is justifying his gambling habits by basically saying, "It's pointless to pay the loan since it wouldn't make a difference anyway". That being said, I kind of get your friend, because what do you mean the bank can do this "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", from my point of view, this is fucked up.

[SPIDERMAN008]

It's not unusual for someone addicted to gambling. There are still those who believe they'll win a fortune and be free of debt because they'll be able to pay it off. In my country, most of the population is in debt, and many have the means to pay, but choose not to.

To get out of debt, many people bet large amounts of money in the hope that if they make a big profit, they will be able to pay off all their debts. I have observed this kind of thinking in many people. But the reality is different. Those who gamble with this kind of mindset suffer even bigger losses. They are not only unable to pay off their debts but also become even bigger debtors. All in all, they go into a much deeper stage of addiction. They start going into a bad state mentally and physically.

[HONDACD125]

So many people in the world gamble with the same thought process. They believe the little money they have won't be of much work, so it's better for them to try and gamble with it and who knows, they might hit something big and that may solve some of their financial problems. But personally, I don't agree with this mindset, because I believe that every penny that you save can be useful at some point in life, and I say this because I have experienced this myself. We often think that saving small amounts won't be of any use, but we never think about how much we can actually save if we keep saving small amounts every single time we can.

If one person has only $50 and that is the only money they have for the month, they shouldn't gamble with $25 from it with the mindset that if they manage to win something good, they will have good money to manage everything properly, and if they lose, they will manage with the remaining $25, but they don't think about how difficult it is going to be to manage with the remaining amount when you could use the whole amount instead of gambling a half of it when you already know that there are more than 50% chances of you losing the money in gambling because of the house edge.

[Tetu100]

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.

That's true. Most times they don't know while doing all this things. Or sometimes probably thinking that maybe that single attempt can change everything for good or by risking using the funds that was surposed to pay back his loan for gambling can just bring out something meaningful.  Personally, I don't normally blame people like that because this kinds of people are normally core addict and most of the things they do is absolutely out of their control. Therefore, instead of the op putting more blame on his brother or friend he should concentrate more in extending an helping hands to him, I think by this way he may perhaps try and be making amends gratually, because using the other way round by bullying him or trying to talk down on him will not make any head way but rather worsten the whole situation.

[Ishicryptic]

We have different types and levels of addiction and this is one of them where a gambler will be in dept and instead of focusing on repaying money that they borrowed they will be busy gambling the money away. This type of addicts don't care about consequences that comes with loan defaults as far as they have ready cash to gamble with, I believe that they will think that if they win big they will repay the whole loan just one time. If some of these addicts wins big instead of using it to settle outstanding dept I believe that they will be greedy and want to increase it more, in the end they will lose everything back to the casino. Unless an addict makes up their mind to stop their addiction or to get help they will keep sinking further into their addiction.

[Outhue]

If you somehow end up in debt and you believe that the solution to that debt is to keep gambling you are only prolonging your debt payback settlement and if I am correct it will keep increasing, because that gambling will also start to take money from you, it's possible that you won't even know what you are doing after many weeks of gambling.

It feels like addiction already, it's only someone who is addicted to gambling that will keep gambling to settle debt even after several trials and losses, normally I expect people to turn back immediately, if you continue then you are addicted to gambling and you need help fast.

[JunaidAzizi]

He is in a situation where if he pays the debt early, he will incur a penalty, but if he pays it late, the interest rate will be high. In simple terms, he is trapped in a condition where he has no options. In such situations, if he has a little money, he will not save it, in fact, he will try gambling, hoping for a jackpot, thinking he might hit a chance to repay the debt. But he is stuck, where every step will make him more in debt. He is just looking for an escape, but he chose the wrong thing, gambling will not give him that opportunity. He has to try other ways, like doubling his shifts or doing something more to pay it off.

[batang_bitcoin]

To get out of debt, many people bet large amounts of money in the hope that if they make a big profit, they will be able to pay off all their debts. I have observed this kind of thinking in many people. But the reality is different. Those who gamble with this kind of mindset suffer even bigger losses. They are not only unable to pay off their debts but also become even bigger debtors. All in all, they go into a much deeper stage of addiction. They start going into a bad state mentally and physically.

And the same goes with the gamblers who are betting small thinking that it will multiply a lot and that's their solution to their debts. Very wrong way of getting themselves out of debt because if they want to be out of it, obviously they will have to eliminate their debts first. But that idea of gambling first with their supposed fund for paying to gamble first is being in the minds of every gambler that has an obligation to pay their debts.

[leea-1334]

The economy would run a lot slower if people only paid out the sensible cash they absolutely must spend not the junk they buy for no good reason, so no government is in favor of good sense as they all want that money spent so velocity stays up in the economy, on gambling, on random items or anything it seems like.

Yeah I always tell myself that. The government is not interested in prudent spending for the people,,, they want you to go out and go into debt and keep the economy running as 24/7 as possible.

Gambling is one of those things with a long term dead game for the players though,,, addiction in anything is a dead player end game but the worst thing is because of internet gambling can target kids so the addiction sets in from so young. Smoking and drinking still has many other barriers.