Topic: Credit card gambling fuels gambling addiction (Read 1777 times)

Yes, that's true. With all the convenience that we can get from a credit card, it will only make us forget to control the use of the credit card, even if we use the credit card for gambling. This will be very risky for us because if we forget or lose control while gambling, we can use the money provided by the credit card to continue gambling. And because of the temptation of gambling, we can continue to gamble, which will make us have to pay a large bill at the end of the month. So it is not recommended to use a credit card or debit card because the convenience provided can make us complacent and ultimately unable to control the use of the card.

There are no specifications where credit cards can be used and that's why we are responsible for whatever we use our credit card to do provided that we willingly used it. There is an option to to connect one's credit card to his gambling account thereby making the person not to deposit money again in the account but to gamble while every needed funds is withdrawn from the debit card. I think it's unwise to use connect our credits cards to our gambling account as it'll increase the chances of gambling beyond our initial budget.

That is an example of the correct use of a credit card because the function of a credit card is to support us when we don't carry cash and can pay using a credit card. But we also need to adjust our credit card usage because otherwise, we could end up paying large credit card bills that we can't afford.

But if people with credit cards use them unwisely, they will experience problems when they have to pay their bills. After all, if we shop less often, we don't need a credit card to buy daily necessities.

There's a study about this phenomenon already and if I recall the gist of this study, our brain perceives the loss of physical cash as a physical loss of property so we tend to be conscious about how we spend our money if it's cold hard cash but if we use a credit card, we don't feel the same thing because we get our card back and so there really was no loss happening. I don't have the study to back it up although I would probably go back to provide it. And with my recollection, we can conclude why credit is fueling our gambling addiction because we don't see any loss since you swipe it and you got the chips or whatever it is, you don't see it unless you finally check your spending or your bank talks to you about your credit being maxed out.

Credit cards have their place, so if for example your car breaks down and right now you do not have the money necessary to pay for the repair bill, you can use your credit card to pay for it and then adjust the budget of the next month and reduce your expenses so you can pay that money before you even have to pay interests on that money.

However very rarely people use their credit cards like this, and instead they use them to buy what they want, so they get too much credit card debt and then it becomes really difficult for them to afford even the minimum payment.

The point is how we are responsible with what we use. When it comes to using a credit card, we are responsible for our use and don't use it carelessly because we can quickly swipe a credit card to buy something we want or use it for gambling. Having a credit card is a convenience for people. Still, if they don't realize that behind it all, there is a burden of responsibility that we have to overcome, we might not use credit cards well. And that will cause difficulties at the end of the month because we have to pay many bills.

But if we can use a credit card well, we will get benefits from the credit card because we can buy something first without using our money even though we have to pay the bill at the end of the month. But we will not use credit cards incorrectly because we can be responsible for the credit card.

I agree that as long as you're responsible in using your credit cards it won't be harmful to you. Although unfortunately, most of the time people misuse credit cards because they weren't knowledgeable enough about financial literacy. In the end, instead of being of help, it becomes a burden because pile of debts accumulate over and over with its interest on top of it, resulting to having so many financial obligations to fulfill by its due date or even past its due date.

Credit cards are really helpful because one can take advantage of such when things go tight and you can even earn rewards for frequent usage. Sure, it can be used to gambling too to finance the bets and plays. Although it's just risky since some people becomes addicted, so I'm not really fan of its usage in gambling. But it's just me. As long as there will be casinos and gambling websites that will accept such, then good for the gamblers who rely on using their credit cards. What's important is that they will pay on time and fulfill their dues.

The gambler can use the credit cards top inverse in the trading as compared to using of the credit cards in the gambling sites.The credit card will have limit based on your salary,So it help to play your more game as compared to the normal deposit by using the debit cards.The credit card can be used to buy crypto and you can move the crypto profit into the gambling sites.So you no need to worry about the crypto profit on the gambling sites.The credit cards have huge responsibility compared to the debit cards,because the loan we are getting in cash need to pay with more interest to the bank after the huge period of time.

We have a different hobbies and some of those hobbies are money generating hobbies which some of us can consider as investment, hobby is the secondary purpose. Depending on how financial literate you are, you can use your credit card to for good. As long as you know that you will not be in debt by using it or for short you are responsible in using your credit card, there's no harm in it. Having control on what or where to spend it is essential in having those. I believe that having a credit card is a huge responsibility since it can be a burden to you if you use it in a wrong way. My conclusion is credit card shouldn't be used on gambling, since just by using it there means you are not responsible.

What about using your credit card to pay for other hobbies you may have or you could have in the future?
Let us say you get into video games, movies or riding bicycles, etc. Would you still keep your credit card at bay or would not mind to get into a little bit of debt for it?
Because we can see the use of credit as only to be intended to pay for esencial things, but since those hobbies which I mentioned could be less likely to devolve into an spiral of money spending, some would may feel more comfortable spending on them than gambling.
I am on the side of only using the credit card to fuel esencial purchases and use debit for hobbies, not matter better they have anything to do with gambling or not.

 

I have the exact same reasoning for not using my credit card at all during my everyday life. The only time I use my credit card is when I go traveling and want to have another layer of security. With a credit card I can get money all around the world and have a direct credit line, so in case of an emergency I don't have to worry about having enough money on the account. This is also exactly why I would never use my credit card for gambling. The risk is too big that I would use more money than I really want to. Already the idea of having the possibility to go into overdraft during a period of bad beats is scary to me. This could lead to a downward spiral during a losing streak from which it's going to be very hard to get out of. To me the traditional way of depositing first money and then gambling with our bankroll without using credit is much better. Like that I can remain in full control and don't have to worry so much.

That's the reason why I don't link my credit card to my online casino, or I don't use my credit card to gamble because I know it will be a bad idea, and I will continue to use my credit card as I start it, so I keep away from gambling. Let's say it's my limitation; I only use the money that I allocate for gambling and have the discipline to not use other money. I value my money not to be lost, so as long as I can, I will never ever use my credit card for my hobby, which is gambling. Using my credit card for gambling is like having a debt that will take a toll on me and could get me into a tight situation, which I avoid as long as I can. Rather, I fuel my gambling from my other sidelines which I have invested. 

That is what it is been proposed in several countries, as in this case not only gamblers are affected due to losing even more wealth than what they had saved, even banks are suffering the consequences as it is difficult to get their money back when a gambler has used their credit cards for this purpose, since someone that is that desperate to do this most likely does not have any more money they can use to pay their debts.

And at least to me this is a move in the right direction, as the interest rates you need to pay for any money you get from your credit card are too high, to the point a single night out of control could be enough to waste years of your life as you try to pay back that debt.

Yes, both present risks that will each result in losing the same amount of money. The difference is with a debit card, when we use it to gamble, the money will be used immediately and if we lose, we won't have the money anymore. But if they use a credit card, they will pay a large bill at the end of the month and if they need the money, they can't pay it. But both can cause someone to lose their money.

And that is why, if someone wants to gamble, he must determine the amount of money before gambling. He must also be able to decide on how long he needs to gamble and how much money he should use. And if you want to gamble, you should refrain from gamble excessively because it is not good for your finances.

It varies from other countries. Maybe your country limits credit cards to only people who can pay the fees or there are other reasons. But in other countries, banks can easily issue credit cards to many people and they can even gamble with their credit cards easily. People who use credit cards to gamble have no problems at all when it comes to paying their bills so everything is still working fine. And it is true what you say that using credit and debit cards can trigger gambling addiction and both have more negative consequences because they will not realize how much money they are using for gambling.

Risk would be bigger; imagine impulsive gamblers betting huge amount simply because for them it would be ‘free money’ if ever they would be continuously winning. Unfortunately there’s no such thing as consistent in this industry. A hard earned money would be harder to spend to something which would give you uncertainty while an amount which is not yet in your hands, with a mindset of being able to pay it partially, would be easier for sure. A gambler could be careless with gambling using credit card and not minding the total to be paid. Losing is more certain in gambling and in such way, you’d just be a gambler surprised of the amount of debt you are facing. However I won’t associate this to gambling addiction and rather poor decision making. Imagine paying the interest of the amount you have borrowed and gambled. It would obviously be bigger than it should be.

Maybe he is living in a country where gambling or the credit card use in it is banned? But even so, it is strange that he didn't know that it was possible on other countries. You didn't clear out if on what thing you are spending your credit.

But, I'd be glad if it's not to feed your gambling appetite. This is because there is no assurance to win more money in it but you can spend the credit in the things that you can guarantee have and use. Paying your credit this way is not going to be much tiring. What you did is right. We should first think if we can pay the credit before we start using our cards so that it won't cause us to be more problematic.

In my country banks hardly issue credit cards because our financial system is still growing. Another reason might be because the National Identity System of my country is not very functional. But gambling with your debit card is like using your funds to stake. But gambling with a credit card is gambling with the money you don't even have. It is like borrowing with interest for gambling. Using both credit and debit cards can fuel gambling addiction but I think credit cards will have more negative consequences. It would have been better if the government restricted the use of credit cards because it can plunge someone into deep debt. 

Both have that risk but comparing to credit card once you already empty your debit card then you are done and there's nothing you can do but
to move forward and accept that bad luck that happens to you.

Unlike with credit card, after you maximize your limit the after effect is to find ways to pay your debt and most of the time since you already
attached too much into gambling, the source of money might be risked back to continue playing.

Meaning to say that instead of paying your debt, you will use the money and you will lose it all the way.

Loud and clear, having access to credit card without money on it will make you do stupid things and make the wrong decisions, it's credit card after all isn't it? This is why I don't have my bank account registered with any card, not even an ATM card, because it makes me want to spend unnecessarily, so instead of accepting credit cards I prefer to use online bank transfer, it's not easy to get into as I have locks with different security combinations, the easiest way I can pay for things online is using crypto is they accept it.

When it's hard to spend your money it will be hard to make bad decisions, but having access to a credit card will probably make you and up in debt, you need to know what you are doing, how much you are spending in a week, maybe you are even spending more than you should? That's why every expenses must be accountable for.

Some people just wake up everyday and go to work, they get paid while working hard but they don't calculate how much they are spending, how will such people think about saving up for investment or other things? It's an example of living a careless life.

Credit cards are gifts of fortune to humanity if you know how to use them, and you would be doing terrible if you have no idea. Between me and my wife, we could spend as much as 20 thousand dollars on our credit cards, if we start to consider our parents that would be 6 people and we are talking about even more than 60k, something like 75k at least that we could spend on credit cards.

Many startups do not even have 75k dollars that they can spend, all those people who constantly go "I need investment for my startup venture" would be begging people for that much money, so that's a good chunk of money that you are allowed to spend without having it yourself. And yet, some people use it for gambling? That is the silliest thing that I have ever heard, it would not make any sense to spend that money on gambling when you could use it for so much and could profit so much more, it would not make any sense to keep it going like that for a long time.