Topic: Do not gamble with Loan Money~otherwise you will be in danger like me - page 32. (Read 4608 times)

Yes, thread with points like this will be very useful and can give a warning or tell us all not to do things that should be avoided and we can learn that in the future, if you don't have money it better to stop and if you lose it better not to try to recover it.
If we can implement these two attitudes, I sure that we can have guarantee of being wise and responsible gamblers and that all bad events can be avoided indirectly.
Honestly, threads like this will really provide much better benefits for the development of every gambler and they will learn from incidents like this to be able to think away from all detrimental attitudes in the future.

Well, that good advice because gambling poses very big risk, even any amount of money can be lost, so we as gamblers must really sort or use money to the best of our ability and can accept losing.
Of course, we all don't want to lose, but here gambling gives us that defeat, so when we decide to gamble we also have to be able to accept every defeat.

There has been many cases we've heard about gambling addiction and its consequences, that's why I always advice people to try their best to stay away from it if you feel you can't control yourself, but that's not as easy as I say it. I've also heard my own share of gambling addiction, although mine wasn't this bad, I lost a lot of money, my account completely turned 0 and I started my life from scratch, but my joy was that I didn't owe no one, I didn't borrow any money to gamble so I was debt free, but I lost all my money. That was more than enough lesson to teach me that irresponsible gambling would only bring me to my doom. So that was the day I killed the addiction. It was that easy for me and I thank God for that.

There is no problem with any criticism as long as it produces something positive because the OP raised this topic so that other people don't make the same mistake as what he did so I think this topic is very good for beginners so they can learn the dangers of using borrowed money to gamble because whatever Don't ever gamble using money that doesn't belong to you, let alone borrow from loan sharks.

It's best to gamble wisely using unused money and cold money because it allows us to gamble comfortably without having to think about how to pay the debt, because gambling doesn't always mean winning and making a profit, there is a big risk that must be borne if you use money. loans for gambling. I hope this topic can make many people aware not to do it.

And interest from banks isn't the same interest they pay you when you invest your money with them for passive income. When you are the one lending, they pay a low annual percentage over your funds, but when you are borrowing, then huge interest is charged over the total sum borrowed in a monthly basis. Here in my country interest can reach without much difficult to 3% monthly! If that was OP's case, he would pay 72% interest, plus the total sum of money he borrowed, since he was talking about recovering himself in a 2 years time period (24 months x 3%). So, 2180$ + 1569,60$ = 3749,60$.

That is a huge setback for any citizen from a third world country, who could be using this money to invest on his house, purchasing a new car, travelling with the family or guaranting their basic needs for a whole year. Now he is going to spend 2 years of his life to work for the bank, without being paid anything in the end...

They are looking for quick money so they can immediately use it for gambling. They don't think about what happens if they lose because what they want is to be able to gamble again to win the gambling game.
They don't think about how to repay their debt if they lose and do the creditors want to wait until they have money first before returning their debt?
If the lender is a loan shark, they will experience difficulties. After all, the loan sharks will likely look for their valuables to use as collateral.
Those who gamble can lose track of time when playing gambling. Because of the increase in emotions, it will make them lose control of themselves, especially if they experience consecutive losses. This will clearly affect his calm when playing gambling. And if that's the case, we can guess what will happen to him.

I read what the op said and this was the first thing that pops up in my mind, I don't know for others but in my area taking loans comes with a big risk, like if you cannot meet up the date when you're expected to pay the lender, the lender will increase the money, so living in this kind of area you cannot just wake up one morning and decide to take loan, you must first consider the terms before taking a loan, right now the op is in a big problem with that kind of amount, I hope he will be able to settle the loan.

The op did the right thing by bring this topic although most people will criticize him but it's a lesson for those who wants to take a loan to bet thinking they will make profit, firstly don't take what's not yours to bet it sounds risky. But most people with that mindset will not listen and learn from the op mistake rather they will go ahead to take loan to gamble.

There are many different reasons why a person gambles with loan money, but the most common reason is they look for easy money they can use for their needs. But as you have said, it will feel like you stab yourself if you happen to do this. That's true, the money quickly disappear in gambling but your loan will last for two years. Aside from paying your loan money, it comes with an interest that is sometimes high which makes it hard to pay.

It is a very common scenario that you can see in gambling, there's nothing wrong with it. However, due to our emotions, we often forget to stop and control ourselves when it comes to gambling. As long as we know that we still have money, we will use it until we get our desired winning in gambling.

It's one of the worst things a gambler can do. There have been a lot of incidents regarding this issue, one was discussed here in the forum as well where a young student committed suicide because he lost his and his roommate's money in gambling, the money was supposed to go to school or college as their academic fees, and since he was nervous, probably, and couldn't face anyone after what has happened, he took his life by taking pills, I believe.

A relative of ours took multiple loans and gambled them away, he wasn't doing any job or taking care of his family, and when he took loans and lost the money in gambling, his sister had to repay the loans to save them from facing any troubles because of the lenders as the guy wasn't able to repay a penny.

Yes you are right, rich people who have a lot of money they gamble by placing bets without hesitation boldly and confidently they place bets without thinking about the risk of losing their money.  Unlike people who have limited money, they gamble to pursue victory or multiply their money. So people who have limited money they must always think about the decisions they will make because they tend to be afraid of the loss of their money, if they gamble they should be ready for the risks that will occur, one of which is the loss of their money because it is used to bet.

But what I know is that the facts are reversed, some people who have limited money they gamble without thinking about the risks that will come, where when they lose they cannot accept the reality. And this is what makes them take the decision to borrow money because they want to gamble again in the hope of returning their lost money.

It is discouraging to read stories like this happening over and over again, especially since many members of the forum believe in gambling with moderation, if people just took the time to listen and actually used the advice being given here they will save themselves a whole lot of trouble.

And even if the financial situation you are facing is not good, being able to pay your debt in two years is not as bad, as we have seen cases way worse than yours, however if you can find another job or a way to increase your income that would be ideal, since you need to pay that debt as soon as possible, not only to pay as little interests as possible, but also because you do not know what the future holds, as if you experiment another setback, it could become impossible for you to pay that debt.

Gambling should always be taken as entertainment and gambling should never become an addiction. Here you have turned gambling into an addiction and participated in gambling by taking loan from the bank which is the biggest mistake to ruin your life. I want to tell you why you knowingly went to borrow from the bank? Now you have to pay back a lot of money with interest to repay your bank. Anyway, there is no forgiveness for the mistake you have made. But the best thing you can do here is quit gambling. If you hadn't quit gambling, you would have been in more debt by now. After that if you participate in gambling, be sure to use small amounts of funds just for entertainment. If you never contact to recover your lost money then you will become more addicted to gambling.

It's been a few months since I participated in gambling. My wealth has dwindled much more than the amount I gambled with and I have faced losses many times. And have profited many times but I am far short of my net worth due to not being able to profit enough. So as per your advice I want to come back with the wealth I have, people face losses when they are more addicted to gambling which I myself am a proof of because I am also addicted to gambling a lot.

Gambling is for everyone but when it comes to affordability, it is appropriate for rich people because they can afford to place larger bets without hesitations and without thinking the amount of the possibilities of losing the money that they placed. But if you're coming from a common level of a person and you really want to gamble, always think the possibilities that will affect your life, and always set a reminder to yourself that you dont need to loan a money just for gambling, Be a practical thinker.

that's why if you nail it down to the absolute most important points, gambling is a thing for the rich because they can afford to lose money without destroying any of their needs or desires (unless they go crazy and gamble fortunes).

But the average guy would usually have almost always something that could be deemed more important than the temporary pleasure gained from gambling. I am still not against it, but it is the same with a drug that someone uses. Lots of things speak against doing it, but sometimes it is what somebody feels like doing the most in a specific moment.

It is really a bad move when you decide to borrow money to recover your losses.  This kind of experience does not only happen to you.  Many gamblers are driven to debt by their uncontrolled urge to gamble or by their wants to recover losses.  You are lucky you understand your situation and found out your mistake in the early phase of financial ruins and with that you are able to stop in time before all things went out of control.

This story will serve as a lesson for us readers that it is not wise to borrow money just to continue gambling or recover losses. This will also serve as an example of how bad it will be if a person keeps on chasing losses.

Gambling is a good source of entertainment, it will only become a burden if one gets hooked on winnings.  It will lead us to chase wins that will make us careless in our bankroll management and eventually lead to chasing losses which can deal more devastating blows to our bankroll and often than not, trigger us to lose our control which can result in devastating losses.

The allocation of funds for gambling must be funds that are not tied to any needs, never cut savings and important family needs just to gamble and you will regret it if you damage your financial management just to become addicted to gambling. The decision to borrow money from the bank is very inappropriate for gambling and after he loses everything he has to bear the high interest that must be paid to the bank, maybe he is experiencing a financial crisis at this time for his family's needs and he is better off leaving gambling temporarily to look for income opportunities from other jobs. OP should learn from this case and never repeat the same thing in the future.

It's a sad story. I hope that you learn from heavily from this experience. Try to get more jobs if you can still handle your time so that you could recover quicker, but don't forget about your health.

Around 2 years ago, I had the same plans just like what you did. Good thing, I reconsidered my options and decided not to borrow  any money to fund my gambling habit. Instead, I waited for the payment that I will receive then played again, this way I won't be needing to worry of paying stressful debts.

I believe interests mostly depend on the currency and the specific bank OP chose to use in order to ask for money to gamble. I don't know the degree of interest or inflation OP's currency has, so I am not sure how crippling this loan will be for his economical well being.
He talks about 2 years of work to fully recover his stability, makes me wonder whether he is also counting on the interest or not...
Anyways, hopefully his bank does not charge many interests and in case of default (which is always a posibility) they won't go after OP and his material assets, it would be devastating (even more) to him and his family.

It would have been better for him to sell something to continue to gambling instead of taking a loan, debit is better than credit, as always is.

Before I comment on your thread, I check first whether I have commented before. because, we have discussed threads like the theme of this title before. but apparently, I have never made a post in this thread. first of all, I'm sorry about what happened to you from the gambling you did. In this context, I wouldn't say you are an addict or something. Actually, I don't have the right to do that. however, let's talk from the side of the title of this thread.

as you said, what you experienced could happen to other gamblers, it doesn't even rule out the possibility of myself if I lost my way.  fortunately at this time, I am no longer in your phase. more precisely, in the past.  and hopefully what you say will be a reflection for our members in the community, both old and new members. The point is, I don't want to judge what you have done. However, I appreciate your courage in telling us that this is the impact if we don't have good self-control and involve borrowed money as our medium for gambling. Also, you are wise enough not to blame the casino, whatever the casino. because the point is, you yourself are the real perpetrator.

However, in fact there is a better vocabulary than calling yourself a victim. Let's just say, this is a very valuable lesson. Remember, try as hard as you can without repeating what happened to you. Plus, there's no need to wait two years for your finances to return to normal. I just want to say, you can do something else, which can help speed up or ease the return to the bank. In what way, you can do creative things to get income from other aspects. The point is, don't focus on what you have done.  but, what can change. and finally, thank you for sharing your experience with us. Hopefully, you can find a solution to speed up, ease what you have to complete.

Yeah, so do I.

I don't borrow money to gamble because you have to think your feeling and the borrowers feeling as well. I am sure that despite there are people that are fine to lend and when they're done giving that to you.

They'll be dismay if you ever tell them that the actual reason for borrowing is that you're going to use it for gambling even if there's an interest rate that you're obliged to pay.