The weird situation of people in debt that still gamble

[Hispo]

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.

Perhaps that is the situation in countries which are pretty much crippled by debts, like the United States, when everyone has a credit card and a lot of people abuse their credit score in order to pay for wherever they see.
It is not the case in others countries like mine, where debt does not work in the same manner it works in the United States.
I have never met someone here who has more than 500$ in debt, because banks cannot afford to give widespread loans to people, as interest rates go slower than inflation, so banks who decide to give loans in our local currency actually end up losing money...

Here everything is supposed to be paid in cash. Even cars and homes are supposed to be paid fully in order to have access to them, as a result this is a country were the majority of the population does not have any debt to worry about. We rather worry about on being able to save up money and using Cryptocurrencies to avoid inflation.

[savetheFORUM]

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.

These type of people who hope that they can get out of this, by doing something silly, could go into even worse situations. A friend of mine had 300k debt, and he gambled even more to pay that back instead of paying it back, and he grew his debt bigger, and with the interest, it reached as high as 440k dollars at some point be cause he had to refinance it again and again.

So yeah, if you have debt, first order of business should be stop gambling all together, and pay the debt back first.

[Dogedegen]

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.

Perhaps that is the situation in countries which are pretty much crippled by debts, like the United States, when everyone has a credit card and a lot of people abuse their credit score in order to pay for wherever they see.
It is not the case in others countries like mine, where debt does not work in the same manner it works in the United States.
I have never met someone here who has more than 500$ in debt, because banks cannot afford to give widespread loans to people, as interest rates go slower than inflation, so banks who decide to give loans in our local currency actually end up losing money...

Here everything is supposed to be paid in cash. Even cars and homes are supposed to be paid fully in order to have access to them, as a result this is a country were the majority of the population does not have any debt to worry about. We rather worry about on being able to save up money and using Cryptocurrencies to avoid inflation.

Well you are talking about parts of the world that have less developed and less developed financial systems. In the more developed parts of world, everything is running on debt. Even a simple payment using a credit card that has installment plans for example 6 or 12 months is debt. They can be very small amounts but most people have at least some putting aside the example that I brought up with home debts. There is a big difference between people who have reasonable debts and for good reasons and people who need to buy a $100 coffee machine using installments. The former may be able to gamble if their finances are in general order, but the other group should never gamble under any conditions but sadly many people in that group gamble.

And anyways it does not even have to be formal debt like this, you could simply owe some money to your parents or to your friends so it would be private debt. Even in those cases one should not gamble until the debts are paid off, many friendships and relationships have been destroyed over stuff like this because people make the wrong choices. Instead of focusing fully on paying back the debts people live like usual until they are no longer able to repay back, then they start making up excuses why they can't or they shouldn't pay it back and things go bad.

[Joeboy]

These type of people who hope that they can get out of this, by doing something silly, could go into even worse situations. A friend of mine had 300k debt, and he gambled even more to pay that back instead of paying it back, and he grew his debt bigger, and with the interest, it reached as high as 440k dollars at some point be cause he had to refinance it again and again.

So yeah, if you have debt, first order of business should be stop gambling all together, and pay the debt back first.

The mindset that gambling guarantees wealth still feels like something that even the so called experienced gamblers are guilty of, and I just wonder why? Even from the dawn of time till now Gambling has hardly ever provided a remedy to anyone's debt problems.... In those situations, what gambling have rather done is to ensure that that individual end up with more losses...As for me, the major requirement for gambling is to first have a source of income which could  very well enable an individual to have a source where they can get their gambling allocations from...

[Slimzeee]

There is a very wonderful saying that if you find yourself in a hole, you shouldn’t dig it deeper by yourself but rather start looking for a way to come out of it. Being in debt alone is a bad path in the first place, but where there is more setback is when gambling becomes your proposed means of getting out of the debt.
From your explanation, I will consider him an addict, and his current situation is not the best to even gamble in. It can even affect the decision-making of the individual because he has a lot at stake with whatever money they are using to gamble.

[DrBeer]

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's a very sad story. But at the heart of it is the stupidity of people.
The problem is that many people think that winning at gambling is an easier way to improve their situation than, for example, finding a second or third job. At the same time, debts and losses are the fault of fate, but not of the player who lost the ability to critically assess the situation.
And here people work in a vicious circle - debts, loss, depression, complaining about fate, searching for a simple and quick solution, and here, as a rule, they choose not a difficult way to earn money, but an easy way to win.
And the situation develops in a spiral to the bottom....
 

[Hardyrobust]

These type of people who hope that they can get out of this, by doing something silly, could go into even worse situations. A friend of mine had 300k debt, and he gambled even more to pay that back instead of paying it back, and he grew his debt bigger, and with the interest, it reached as high as 440k dollars at some point be cause he had to refinance it again and again.

So yeah, if you have debt, first order of business should be stop gambling all together, and pay the debt back first.

The mindset that gambling guarantees wealth still feels like something that even the so called experienced gamblers are guilty of, and I just wonder why? Even from the dawn of time till now Gambling has hardly ever provided a remedy to anyone's debt problems.... In those situations, what gambling have rather done is to ensure that that individual end up with more losses...As for me, the major requirement for gambling is to first have a source of income which could  very well enable an individual to have a source where they can get their gambling allocations from...

There are many that believe that they can become wealthy through gambling. They have placed gambling as there only hope of escaping poverty. This is the reason why gambling addiction is increasing on daily basis. It will be a very bad idea for someone that is in debt to think that through gambling they can be able to pay back the debt. Having a source of income is a great idea and also we shouldn't make the mistake of gambling with money that is meant for our expenses

[Odusko]

There is a very wonderful saying that if you find yourself in a hole, you shouldn’t dig it deeper by yourself but rather start looking for a way to come out of it. Being in debt alone is a bad path in the first place, but where there is more setback is when gambling becomes your proposed means of getting out of the debt.
From your explanation, I will consider him an addict, and his current situation is not the best to even gamble in. It can even affect the decision-making of the individual because he has a lot at stake with whatever money they are using to gamble.

That is an American adage, but most people still finds themselves in hole and they keep digging, just imagine someone in debt still gambling and even going to the point of taking loan to continue gambling with with the hope that he will win and that winning will cover up for his losses but in the end, it will definitely not go well with them as at some point they stand between continues losses and increasing debt balance.