The weird situation of people in debt that still gamble

[YellowSwap]

Someone out there must have settled their debts using gambling, it's not impossible but it's stupid to think this way because the chances that things will work out well is low.

You can gamble with the hope to settle your debts but end up losing more money, this is likely the outcome and that's why I will never recommend such strategy to pay your debts.

What he needs is a job, gambling won't safe him from that debt, he can even end up chasing endless aim that will create more problem for him, debts are best settled with salary.

[Yorubek]

Someone out there must have settled their debts using gambling, it's not impossible but it's stupid to think this way because the chances that things will work out well is low.

You can gamble with the hope to settle your debts but end up losing more money, this is likely the outcome and that's why I will never recommend such strategy to pay your debts.

What he needs is a job, gambling won't safe him from that debt, he can even end up chasing endless aim that will create more problem for him, debts are best settled with salary.

There is no confirm that you will make money through gambling, gambling results are not always as expected, at the end of the day the results can be reversed. So I think it is always good to gamble with the money you can afford to lose only for entertainment purposes. When you gamble with debt money it will put extra stress on you, you will not be able to make the right decisions with a cool head and as a result you will face financial losses. So wise people always say gamble with what you can afford to lose and enjoy the entertainment through it, it is not right to expect too much.

[junder]

I think we often see cases like this in our own communities we may even have experienced them ourselves. In my view, this is a common occurrence in the world of gambling.

Situations like this are difficult for the gamblers, because in my view once they’re addicted and deep in debt, they’re likely counting on gambling to pay off all their debts. So even if they have a steady income, that doesn’t guarantee they can easily break free from their addiction and escape that difficult situation.

[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.

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.

In my opinion, I think the main reason for such behavior is because they have so much confidence in the outcome of gambling, they assume that they will actually make a huge win and then use it to clear off their debt, such people are usually so delusional about the outcome or gambling, they involve their mind in the activity as if their life depends on it, one can say it's also a habit of an addict.

[AHOYBRAUSE]

I don't think it's a weird situation per se. Addiction is a serious thing and obviously a way out of your debt would be winning it back, right? Problem only is, it basically never happens and people in urgent need of money only dig a deeper hole with the debt getting bigger. It's actually sad and without outside help OR some huge luck to finally win big this is a never ending cycle.
Another issue is, people that would maybe win big and basically win all their debt back also would need to stop at that point. Well, the most people don't. The mindset of "winning a bit more so I can have some for myself as well" is hanging over the whole thing like a dark shadow. And where this goes most of us know, you lose it all back while chasing an imaginary number that maybe might never be enough.  

[Achalugo BTC]

I think we often see cases like this in our own communities we may even have experienced them ourselves. In my view, this is a common occurrence in the world of gambling.

Situations like this are difficult for the gamblers, because in my view once they’re addicted and deep in debt, they’re likely counting on gambling to pay off all their debts. So even if they have a steady income, that doesn’t guarantee they can easily break free from their addiction and escape that difficult situation.

And some of them won't still admit to it, once gambling has shifts from fun to the idea that it can help to sort out bills for you, then it stops being a game and this will land more pressure on them as they will be thinking of ways or methods they can use to get the money back from gambling and the more they give it a try, the more deep they become and the more hard it will be for them to escape that cycle, because addiction doesn't care about the status of the person, and can bring down a rich person if not controlled early. That is why adhering to rules really matters alot and one won't be trapped like that.

[Judith87403]

Someone out there must have settled their debts using gambling, it's not impossible but it's stupid to think this way because the chances that things will work out well is low.

You can gamble with the hope to settle your debts but end up losing more money, this is likely the outcome and that's why I will never recommend such strategy to pay your debts.

What he needs is a job, gambling won't safe him from that debt, he can even end up chasing endless aim that will create more problem for him, debts are best settled with salary.

Although, you might be right, someone must have try to pay up their debt with the means of gambling. But, that doesn't give people the context that it will have to work for everyone, rather than thinking of taking this path and putting themselves in a more stressful way, they should set plans that will be of help to them and stick by it because that way also helps to tighten their discipline and keeps them in control and that way they can win over addiction and even find a way to pay up their debts.

[danadc]

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.

Your case is different, it's kind of out of the ordinary. Maybe you have a much higher sense of responsibility than average, but most players who are in debt don't manage to pay anything off, quite the opposite, they end up getting even more indebted. In this respect, things can be seen from a point of view closer to thinking that every debtor will keep paying and playing. Your case is an example for those who are in a debt situation.

[Bluedrem]

I hear many people say that people gamble for fun, so why would a person need to take out a loan to gamble? Gambling on loan can put a person in a worse situation. That is, there is no guarantee of winning by gambling, in which case if someone is constantly gambling, then at some point his fund will be empty, then if he gambles on loan and loses that money, then he will have to spend his money in a big way. That is why everyone is told not to go beyond his reasonable income to gamble.

[KTChampions]

I think we often see cases like this in our own communities we may even have experienced them ourselves. In my view, this is a common occurrence in the world of gambling.

Situations like this are difficult for the gamblers, because in my view once they’re addicted and deep in debt, they’re likely counting on gambling to pay off all their debts. So even if they have a steady income, that doesn’t guarantee they can easily break free from their addiction and escape that difficult situation.

The scariest thing is that even highly intelligent people with good jobs aren't immune to gambling addiction. Ultimately, their careers and steady incomes don't translate into anything positive, but instead into gambling expenses. On the one hand, such a life may be a conscious choice, on the other hand, it is difficult to understand where the conscious choice lies and where the consequences of gambling addiction lie. But still, it seems to me that the higher a person’s intelligence, the lower their susceptibility to addictions, including gambling.

[Fredomago]

I hear many people say that people gamble for fun, so why would a person need to take out a loan to gamble? Gambling on loan can put a person in a worse situation. That is, there is no guarantee of winning by gambling, in which case if someone is constantly gambling, then at some point his fund will be empty, then if he gambles on loan and loses that money, then he will have to spend his money in a big way. That is why everyone is told not to go beyond his reasonable income to gamble.

Yeah right, once you use a loan money for gambling there are added pressure inside you, most of the time it leads you to lose more instead of using a allocated amount from your set budget, which will allow you to enjoy, most of those who become desperate are those who already attached or engage to gambling that can't control their emotion anymore most likely they are addcted or become addicted.

[Grace333]

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.

Gamble is not an investment that will simply pay you back because you nurture it and gives it the required attention. It's wrong to think or hope that we will win and use the money to solve a problem. There is a saying that little drops of water makes the mighty ocean, I admit that inflation is on the rise in most country's but that doesn't mean that gamble is an alternative to get us out of that economic situation in fact it only worsen the situation. No matter how small the figures are i bet that if only he can accumulate them it would amount to something worthwhile.

[Mr_Brilliant$]

Bro, I think your cousin needs a lot of help.. From the way you said it, he already sounds addicted and would probably need professional help before things get worse..
What is more surprising is how he is downplaying saving trying to justify gambling.. Even if the amount he can save is small, it is still a better option than throwing it in slots and hoping for miracle.. The chances of him fixing his financial situation through gambling are so low, and the chances of making it worse with gambling are very high..

[Suleiman the Magnificent]

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.

Gambling is seen by many people as a tool to pay off their debts. Yes, this game should be played for entertainment. But the truth of the matter is that many people want to pay off their debts through gambling. What happens? Forget paying off their debts, they end up with new ones.

[|MINER|]

There are multiple reasons why your cousin gambles even though he is in debt. The first reason we will mention here is that he is addicted to gambling and this addiction is mainly because he does not consider gambling as a source of entertainment, he thinks that he can easily get rich or generate money through it. And at this point he keeps thinking that maybe next time he will be lucky and he will win such an amount of money that he can pay off all his debts and lead a good life.
And this is the mirage that most addicted gamblers see. I think you should first take your cousin out of this mirage and then maybe he will be able to recover himself from it gradually.

[Ryu_Ar1]

It is like someone who is desperate with the situation so that your brother only sees from the side that he thinks is the best when in fact the chances are very small because there is no certainty of winning in gambling and even the risk of losing is much greater than winning.

The assumption of saving money that is considered not too important is too reckless even though it could be a crucial condition because in the end it would be better to use it as savings or even more than that it could be an investment rather than being forced to gamble because we are only given a false shadow of victory but do not realize that defeat can be much greater.  But it cannot be denied that conditions like this always happen even for people around us, maybe situations like this always exist because people who are almost desperate and rely on gambling are quite rampant.

[leonair]

Is there really any amount that's pointless to saving? Because as far as I know, no matter how small that money is, it can add up to something, especially when the goal is to clear up a loan, but your cousin doesn't look at it that way; his mind is already made up and considers himself to be doing something useful, and saving that little is like doing nothing at all, using the little chance he has to win as an encouragement, not knowing a lot of money is going down, which could have helped to fasten his debt repayment, and in such situations, winning barely comes; it will be playing upon playing with the hope of hitting it some day.

Those who are addicted to gambling cannot save their savings in any way. Because when they start saving, after just a few days, when they need the money, they first waste that savings. Because addicted gamblers always have the expectation that if they continue gambling, they will win from here and the amount of money they have lost will be recovered in full and they will get a lot of financial support. This thought is always in them and they think that gambling is the only place from where someone can become rich in a very short time in a shortcut. That is why addicted gamblers can never save and they regularly borrow and gamble if they do not have the money. And when this loan amount becomes very large, they think of committing suicide. Because they then think that they do not have the ability to repay that money and will not be able to do so in the future.

[STT]

The loan adds pressure which ironically decreases the chances of accumulating enough of a winning trend to actually come out with a profit.   At its very simplest people should always decline to involve any distractions within their ambitious attempts in gambling.

Someone out there must have settled their debts using gambling

Theres always random luck and immediate chance of it arriving before you run out of money but that does not constitute a strategy to proceed on.  If someone begins in bad debt, the very obvious outcome is likely that they'll be constrained in play by that lack of money and not able to play long enough to get the win they are desiring & will get them out of the pit they are in.
     The only exception I can think of is really long odds and really good luck like an accumulator or multi pick parley where you commit a small amount and most of the time it doesn't pay off unless you are a wizard with picking the right bets + get lucky.  Maybe that works out but as we know the chances are miniscule almost always.

[OgNasty]

Being fair, most people are in debt. A lot of people plan to die in debt. They don’t see any issue with it. They just live their life and treat it like a number that will never come due in the end. Sometimes they are even correct. Other times their heirs pay the price.

[Dogedegen]

Is there really any amount that's pointless to saving? Because as far as I know, no matter how small that money is, it can add up to something, especially when the goal is to clear up a loan, but your cousin doesn't look at it that way; his mind is already made up and considers himself to be doing something useful, and saving that little is like doing nothing at all, using the little chance he has to win as an encouragement, not knowing a lot of money is going down, which could have helped to fasten his debt repayment, and in such situations, winning barely comes; it will be playing upon playing with the hope of hitting it some day.

Those who are addicted to gambling cannot save their savings in any way. Because when they start saving, after just a few days, when they need the money, they first waste that savings. Because addicted gamblers always have the expectation that if they continue gambling, they will win from here and the amount of money they have lost will be recovered in full and they will get a lot of financial support. This thought is always in them and they think that gambling is the only place from where someone can become rich in a very short time in a shortcut. That is why addicted gamblers can never save and they regularly borrow and gamble if they do not have the money. And when this loan amount becomes very large, they think of committing suicide. Because they then think that they do not have the ability to repay that money and will not be able to do so in the future.

That some people are not able to save properly does not change the fact that there is no amount that is pointless to save. If people are doing something wrong that does not mean the thing itself is wrong, so in this description that you have given you have not made an argument against his question. Nwada001 is correct to pose the question and there is no amount that is really pointless to save, because once you start thinking like that you will always find excuses and increase the amount that is pointless to you because you are using the statement that it is pointless to confirm your bad decisions. That is why many people have very bad finances, no savings, no emergency funds or anything like that even if their incomes are pretty good.

Being fair, most people are in debt. A lot of people plan to die in debt. They don’t see any issue with it. They just live their life and treat it like a number that will never come due in the end. Sometimes they are even correct. Other times their heirs pay the price.

Not all debt is the same, so we have to be careful not to normalize this or minimize what it actually means. Many people are in debt because that is how they bought their homes, but this is a different kind of debt than someone who is just financially irresponsible and has many consumer debts or even worse debts from loan sharks. People who are in those positions should not gamble at all, and it is most likely going to make their situation worse. Instead they should be disciplined for a while and quit completely until they repair their own situation. That is the only responsible thing to do, but sadly many people act irresponsibly and others sometimes even pay a price for their behaviors.