Credit card gambling fuels gambling addiction - page 10.

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Quote from: mindrust on September 26, 2023, 11:35:54 PM

Credit cards fuel every kind of purchasing addiction out there. Women buy make-up products, men buy more home depot stuff, kids buy more junk food, alcoholics buy more booze, investors buy more stocks and finally gamblers buy more game chips. We can’t really do about it since credit cards a part of the financial system. The good thing is, the interest rates are so high right now, it doesn’t make any sense to borrow money unless you are very desperate. In this environment, borrowing money is a quick way to get poor or worse, bankrupt.

We can refuse to use a credit card and if the bank offers us to take a credit card, we can refuse it so that we will have problems later.
Using a credit card is fun because we can shop and don't need to use fiat money, but at the end of the month, we have to return the money we used for shopping to the credit card company.
And it will be even worse if consumers use credit cards to gamble and that is not recommended because gambling can make them forget and not be able to control the use of money from their credit cards.
We should distance ourselves from problems that may arise and not using credit cards is one way to avoid these problems.

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Quote from: Outhue on September 26, 2023, 04:08:39 AM

I don't know how deep the debt on credit card gambling is today until I do my own research and mehn, and it's very sad, many people are in debt because they keep using their credit cards to fund their gambling hunger.

Imagine someone you know telling you that it will take him 12 years to pay off his debt, I now know why few countries don't want their citizens to gamble using their credit cards, betting on credit cards has left too many people in thousands of debt.

The rate of debt because of the use of credit cards to gamble is quite alarming. But the cause might not be the cards but gambling addiction. In my location, the use of credit cards is not popular so gamblers use alternative means. I have seen gamers take loans using their personal belongings as collateral because of gambling. The problem with these people is not credit cards but lack of control. Some persons can even engage in criminal activities just to have access to money for gambling.

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Which makes me think that Credit card is far more helping to fuel gambling addiction more than anything else, you don't actually have the money, but you can still gamble, this alone will make people to lose their minds and gamble anyhow.

I'm glad I don't even like using Credit cards for gambling and my reason isn't even because of possible reckless gambling but because I don't like centralized payment solutions, you should stay away from using Credit card to gamble online, it sure would easily throw you out in the street, homeless.

In Australia, the use of credit or debit cards for fiat gambling is banned. Now the country wants to extend the rule to crypto gambling. This will indeed help to reduce the gambling addiction of those whose cards are what triggers the drive to gamble. But I know that we have many responsible gamers that have access to multiple cards. Credit cards are not the only cause of gambling addiction, there are many other triggers and the government should act on them.

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Quote from: mindrust on September 26, 2023, 11:35:54 PM

Credit cards fuel every kind of purchasing addiction out there. Women buy make-up products, men buy more home depot stuff, kids buy more junk food, alcoholics buy more booze, investors buy more stocks and finally gamblers buy more game chips. We can’t really do about it since credit cards a part of the financial system. The good thing is, the interest rates are so high right now, it doesn’t make any sense to borrow money unless you are very desperate. In this environment, borrowing money is a quick way to get poor or worse, bankrupt.

The credit cards do fuel up gambling addiction but is it only the credit cards?

The casino will also offer a lot of bonuses and promotions from time to time and these things also add up to forcing the gamblers to play more than usual and become addicted to it.

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Credit cards fuel every kind of purchasing addiction out there. Women buy make-up products, men buy more home depot stuff, kids buy more junk food, alcoholics buy more booze, investors buy more stocks and finally gamblers buy more game chips. We can’t really do about it since credit cards a part of the financial system. The good thing is, the interest rates are so high right now, it doesn’t make any sense to borrow money unless you are very desperate. In this environment, borrowing money is a quick way to get poor or worse, bankrupt.

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Quote from: Outhue on September 26, 2023, 04:08:39 AM

I don't know how deep the debt on credit card gambling is today until I do my own research and mehn, and it's very sad, many people are in debt because they keep using their credit cards to fund their gambling hunger.

People use credit cards to finance everything, so it is not surprising that they also use them for gambling. But it is not only that, nowadays access to credit is very easy, I know people with their salaries garnished for having taken instant loans for gambling and not being able to pay them back because they have lost the money they bet. The problem with credit cards is the high interest rate, but those who gamble with financing their gambling with credit cards end up as those who finance it with any other type of credit, in ruin, foreclosed, and/or with wages garnished.

Quote from: shinratensei_ on September 26, 2023, 10:16:38 PM

Look at this chart.

The trend is shifting towards online gambling as people are gaining more confidence in it compared to land-based gambling. The impact of this situation is so significant that people are resorting to using credit cards as their primary means to obtain funds in order to facilitate their gambling activities.

Im not even surprising to see people are being trapped in the big debt. It's happening everywhere.

It is normal that if this market is growing, so are the people who get into debt for gamble, besides, as you say, it is in line with what is happening in society, where getting into debt is the most normal thing to do.

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Quote from: carlisle1 on September 26, 2023, 10:23:31 PM

Imagine if a credit card is allowing you to transfer money to your bankroll and you are on the losing side. You will keep on adding to the point that
you will use the max limit and if luck will not permit you to win, that will serve as additional burden to you.

Yes, this is one way to keep getting more money for gambling in the form of a credit card but then what happens when you have exceeded the limit of the credit card but your urge to gamble more is still there? Remember anyone who is willing to utilize all the credit card limit is not a responsible gambler and this means that he won't stop after the limit gets exhausted. He will try to get money from friends, get loans and in some cases may sell his belongings for gambling.

So my point is that a sensible gambler will never spend extra money on gambling no matter he has a credit card or not and a addicted person will not stop gambling only because he does not have a credit card.

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Quote from: shinratensei_ on September 26, 2023, 10:16:38 PM

Im not even surprising to see people are being trapped in the big debt. It's happening everywhere.

They are deliberately hitting the floor by using their credit card. They know they won't be able to pay their debt even if it's less than $5000 so they might as well just take 50K depending on their limit. Either play it in a casino or buy stuff.

If they are smart enough, they should be using their credit card to buy BTC within the casino as they will have access to Moonpay and the likes. Hope they won't bet it though.

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Quote from: ralle14 on September 26, 2023, 08:08:43 PM

I'm lucky that the bank i'm currently using doesn't allow this because they're very strict with gambling transactions similar to crypto exchanges.

Also, I prefer avoiding credit cards unless it's the only payment option I have and I know I can pay it within the timeframe because it could tempt you to spend over your limit when it can be avoided by managing your funds consistently.

I agree with that statement, just the same with how you use your credit card. Sometimes even you really don't need something, but if
credit card payment is available, you will push for it and buy the item.

Imagine if a credit card is allowing you to transfer money to your bankroll and you are on the losing side. You will keep on adding to the point that
you will use the max limit and if luck will not permit you to win, that will serve as additional burden to you.

Better to set your bankroll and not to let any emotion to lead you to add more money. If you lose your set bankroll, call for the day and
let it be better luck next time.

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I believe that the surge in online gambling's popularity has been influencing it. The credit card has become a popular method among many individuals who see it as a convenient way to acquire funds for betting purposes.

Look at this chart.

The trend is shifting towards online gambling as people are gaining more confidence in it compared to land-based gambling. The impact of this situation is so significant that people are resorting to using credit cards as their primary means to obtain funds in order to facilitate their gambling activities.

Im not even surprising to see people are being trapped in the big debt. It's happening everywhere.

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The primary aspect of a credit card is debt. It allows someone to make purchases upfront and settle the bill at the end of the month. It's the culture of indebtedness that poses the actual danger here. Because one can easily lose control and fail to consider the long-term impact on their financial condition. People get too comfortable with debt because they can do this and that, but they'll struggle when it comes time to pay the bill at the end of the month.

Using a credit card for gambling only opens the door to limitless gambling. Someone can exhaust their credit card limit, which can be perilous for their financial situation, especially if this accumulates over time. Subsequent life becomes about repaying unnecessary debts.

Never gamble with money you haven't fully mastered, and always ensure that the money used is discretionary and not essential.

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Quote from: Outhue on September 26, 2023, 04:08:39 AM

I don't know how deep the debt on credit card gambling is today until I do my own research and mehn, and it's very sad, many people are in debt because they keep using their credit cards to fund their gambling hunger.

It's unfortunate that many gamblers are doing this to feed their gambling hunger (just like you said), but clearly it's on the gambler's discretion if they fall into this to continue their gambling activity. Maybe it's really tempting to use our credit cards to be able to play especially if you're out of cash. But before doing so, think deeply is it really worth it to use credit card just to play?

Quote from: Outhue on September 26, 2023, 04:08:39 AM

Which makes me think that Credit card is far more helping to fuel gambling addiction more than anything else, you don't actually have the money, but you can still gamble, this alone will make people to lose their minds and gamble anyhow.

You might be right. However, this still depends on the self-control of a gambler. You can't become addicted even there's an option to use credit card if you have discipline. Because resorting to this payment method to gamble is certainly beyond the limits. Therefore, one should know the consequences of using credit card in gambling so regardless of the outcome, you're aware.

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Quote from: Outhue on September 26, 2023, 04:08:39 AM

I don't know how deep the debt on credit card gambling is today until I do my own research and mehn, and it's very sad, many people are in debt because they keep using their credit cards to fund their gambling hunger.

Imagine someone you know telling you that it will take him 12 years to pay off his debt, I now know why few countries don't want their citizens to gamble using their credit cards, betting on credit cards has left too many people in thousands of debt.

Which makes me think that Credit card is far more helping to fuel gambling addiction more than anything else, you don't actually have the money, but you can still gamble, this alone will make people to lose their minds and gamble anyhow.

I'm glad I don't even like using Credit cards for gambling and my reason isn't even because of possible reckless gambling but because I don't like centralized payment solutions, you should stay away from using Credit card to gamble online, it sure would easily throw you out in the street, homeless.

Many countries are already passing policies against this and even banks on their own are refusing to allow their customers to use credit cards to gamble, and the reason for this is simple, the money in a credit card is not yours, it belongs to the bank and as such they have the right to deny you a loan if they want.

Another issue is that if you were to buy an expensive product with your credit card you could at least sell it and recover some of the money you used to buy it, making the chances you pay your loan to go up, but when an addicted person uses credit cards to gamble they have nothing to show for all the money they spent, making them customers with a higher risk of defaulting on their loans.

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It was the UK who sometime in the 2019 that first ban gambling with credit cards due to the adverse effects it had on the gamblers. As at them, it was even reported that over 800,000 gamblers relied on their credit cared debt for betting. This is almost the same thing as relying on casino credit for gambling. Some of these gamblers have ran into problem with the authorities because they can't control their gambling addiction that is fueled by credit cards.

Australia, four months ago are towing this path as well. I think that this should be supported by more charities and gambling companies should be made to register with the gambling self-exclusion scheme known as "GamStop" or its alternative.

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Quote from: Outhue on September 26, 2023, 04:08:39 AM

I don't know how deep the debt on credit card gambling is today until I do my own research and mehn, and it's very sad, many people are in debt because they keep using their credit cards to fund their gambling hunger.

In my honest opinion, the use of credit cards should only be allowed for purchases of significant amounts, such as a vehicle, a more expensive appliance, or things like that.
Any purchase for common day-to-day use should only be paid for with the money that people have, as what is for daily use (day-to-day consumption) should only be paid for with the money that the person has.
When the credit card is used for everyday purchases, it ends up becoming just a way of postponing debts and not making it possible to acquire an asset that would be impossible with just the money you have in cash.

In the case of gambling, the situation certainly gets worse, as it mixes up the player's emotions and many only realize the severity of the problem when they have reached the card's usage limit.

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I'm lucky that the bank i'm currently using doesn't allow this because they're very strict with gambling transactions similar to crypto exchanges.

Also, I prefer avoiding credit cards unless it's the only payment option I have and I know I can pay it within the timeframe because it could tempt you to spend over your limit when it can be avoided by managing your funds consistently.

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Quote from: Outhue on September 26, 2023, 04:08:39 AM

Imagine someone you know telling you that it will take him 12 years to pay off his debt,

12 years! That’s a lot of debts and come on, how do some gamblers really get it this far and still continue… oh! Don’t tell me. The singular idea that they would win and get to repay most of the debts incurred through gambling from gambling.

It’s often sad when some reckless gamblers don’t realize how they got there in the first place. July thinking of many possibilities and they ended up accumulating more debts. Well, some of those debts could turn out to be bad debts.

Quote from: Outhue on September 26, 2023, 04:08:39 AM

Which makes me think that Credit card is far more helping to fuel gambling addiction more than anything else, you don't actually have the money, but you can still gamble, this alone will make people to lose their minds and gamble anyhow.

you should stay away from using Credit card to gamble online, it sure would easily throw you out in the street, homeless.

You’re not supposed to gamble when you don’t have money to fulfill this desire. People ought to realize that, gambling from loans, credits, and from money your given for safe keeping or anything of that sort offers more risk than when you use your funds as, your pressured for a win and that could make you take more risk as per the wins and this could end badly.

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Quote from: Outhue on September 26, 2023, 04:08:39 AM

I don't know how deep the debt on credit card gambling is today until I do my own research and mehn, and it's very sad, many people are in debt because they keep using their credit cards to fund their gambling hunger.

It has always been said not to gamble with money that you cannot afford to lose, and money coming from a credit card is money that you cannot afford to lose because it's not yet your money it is a form of cash advance and it has accompanying interest associated with it, using credit card has a huge risk on it but compulsive gamblers ignore such risk they will just play as long as there is a flow of money coming in and credit card is the worse source of money that you can use for gambling, fees are unpredictable and add up to quickly.
Of all the things, credit card spending is hard to control It is very tempting because it is money ready to spend and you'll pay through installments when you think of it you may think it's convenient until you have a hard time paying.

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Why find fault with the service and not with the individual? I think the bulk of the fault dwells with the individual and the service has little to do with it.
Credit cards purchases has helped a lot of people as well. But I must admit, there are individuals that financial institutions should not have issued credit cards to.

As with gambling, people have purchased, rather recklessly, items that should not have been purchased with a credit card. For some individuals, credit cards fuels irresponsibility and financial ruin later on. That doesn’t mean the service isn’t helpful.
Fault the individual and not the service. People are going to be irresponsible with any service no matter its good intent.

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Is it really just gambling? IMO, it fuels everything. Shopping addiction, drugs, and unwise spending. Credit card is the root of evil for the irresponsible. Grin

I have seen way too many people who are in debt because of their credit cards and they are not even gambling but all of the money is going to their brand-new smartphones, appliances, and more as long as the credit limit can handle it.
And, even if we use gambling addiction to attack these banks to stop the credit card thing, that won't happen. This is the type of business they are into, and I do believe rich people like having this kind of stuff because they can buy anything they want without having any trouble bringing any cash.

Gambling addiction can be from anywhere but I guess you are right that credit cards can be the start of that. Because every deposit is just one swipe away.

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This has been the major problem for many folks and it has been the major reason of gambling addiction and we all know what an addiction can cause because that's where the whole start of the owing and debt comes from because a gambler can go the extra miles just to certify his gambling urge and can definitely empty his account just for this act here which in the end there will be nothing to show for.

Topic: Credit card gambling fuels gambling addiction - page 10. (Read 1798 times)