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  • Randomsaver
    replied
    I used to be a gambling addict. It's one of my 2 addictions actually. I really wanted to stop it but just couldn't.

    I rationalized it and saw that if I play very small amounts, even if I lose, it would not be so bad. Hence, my solution!

    So I played very small amounts on online sports betting, anywhere from 50 cents to a dollar, about 5 bets a day. So my total loss on a bad day will max at $5. Well that was better than when I used to play $100 a bet.

    But here is what happened. Since I was playing for small amounts, gradually it became immaterial whether I win big or lose big (e.g., $5). Eventually, it became just a waste of my time and I stopped.

    I didn't know it then but I was able to cure my gambling addiction. It was 2-step process : 1) switch to small amounts, but still get that action addiction going, which is what was difficult to stop and 2) realization that with the small amounts, it's just a waste of time.

    The 3rd step of course was to get here on savingadvice.com and be able to focus on paying off my debts. I started here with credit card debts, car loan and mortgage.

    Leave a comment:


  • Thrif-t
    replied
    Slot101 what year are you in school? When will you graduate and able to put your degree to work soon?

    My DH had a couple of buddies who gambled in college and got in big trouble with loan sharks coming after them. I'm not sure how much they were in for but I know it was paid off and luckily they learned their lesson and stopped gambling, scared straight if you will.

    Unfortunately, I don't have any different advice than what has been already posted. You just need to work, work, work to get this paid off and get whatever help you need to get over this addiction.

    I wish you luck.

    Leave a comment:


  • Slot101
    replied
    For the record, minimum wage here is equivalent to about 8 dollars USD. But of course my debt is all in Canadian dollars. 10.70 an hour.

    Leave a comment:


  • Slot101
    replied
    Originally posted by FLA View Post
    I also recommend the book Financial Planning for Dummies to all college students. It's a quick read that covers everything up to investing in your first 401k. It might help you avoid some future pitfalls.

    At first I wasn't sure, but I think I agree with the person who said you should put college on hold and work as many jobs as it takes to pay off your debt. I assume you are paying for school and that's more debt to take on right now. Get your affairs in order first. Of course, if someone else is funding your school then don't drop out.

    I'm curious- have you had a really crappy entry level job yet? Those jobs were enough to make my kids learn really quickly the value of a dollar and the value of their education. They wouldn't gamble for nothing.
    I've worked awful jobs from door to door cold calling to dollar store with the worst customers you'll ever meet. I'm just seriously addicted to something.

    Originally posted by disneysteve View Post
    How long have you been out of work? I don't know where you are geographically but in a college town or metropolitan area, if you've been unemployed for more than a couple of weeks, you probably aren't trying hard enough.
    Where I live unemployment is very high. I actually stopped work to focus on school and the last couple days I went to a dozen different places handing my resume in in person, so hopefully that helps.

    Originally posted by FLA View Post
    My son finished a shift at his really crappy job Monday and quit (not what I would've done but kids...) and promptly walked into his next crappy job by the end of the day. $12/hr jobs are a dime a dozen in a college town.
    Not here. Anything higher than minimum wage (Canada) is harder to get.

    Leave a comment:


  • disneysteve
    replied
    Originally posted by FLA View Post
    $12/hr jobs are a dime a dozen in a college town.
    Especially this time of year when school is out and a lot of students have gone home. Businesses are usually dying to hire people over the summer because they lose a lot of their workforce. This is the ideal time to be looking for work.

    Leave a comment:


  • FLA
    replied
    My son finished a shift at his really crappy job Monday and quit (not what I would've done but kids...) and promptly walked into his next crappy job by the end of the day. $12/hr jobs are a dime a dozen in a college town.

    Leave a comment:


  • disneysteve
    replied
    Originally posted by Slot101 View Post
    I'm in between jobs and looking for work atm.
    How long have you been out of work? I don't know where you are geographically but in a college town or metropolitan area, if you've been unemployed for more than a couple of weeks, you probably aren't trying hard enough.

    Leave a comment:


  • FLA
    replied
    I also recommend the book Financial Planning for Dummies to all college students. It's a quick read that covers everything up to investing in your first 401k. It might help you avoid some future pitfalls.

    At first I wasn't sure, but I think I agree with the person who said you should put college on hold and work as many jobs as it takes to pay off your debt. I assume you are paying for school and that's more debt to take on right now. Get your affairs in order first. Of course, if someone else is funding your school then don't drop out.

    I'm curious- have you had a really crappy entry level job yet? Those jobs were enough to make my kids learn really quickly the value of a dollar and the value of their education. They wouldn't gamble for nothing.

    Leave a comment:


  • Slot101
    replied
    Originally posted by disneysteve View Post
    You posted that you have a ton of debt and no income. What did you expect us to say other than "get a job"?

    That said, let me ask you another question. You also said, "I'm up all time on Poker and decent at that". How good are you at poker? Have you considered giving up blackjack and focusing on poker? I know a few people who do quite well playing poker. My one friend earned all of the money for his daughter's Bat Mitzvah celebration playing poker, a 5-figure amount. If you are truly good at poker (and don't just think you're good), earning 15K is definitely achievable.

    What does your friend have to say about this whole situation? How does he feel about the fact that he went 15K in debt to cover your gambling losses? Has that affected the relationship? Have you spoken to him about your inability to keep up the payments?
    You need a decent bankroll typically to take up poker seriously, because bad beats can run even the best of players dry.

    Our relationship is fantastic and I make my payments just in lump sums, I used to work I'm in between jobs and looking for work atm.

    Leave a comment:


  • disneysteve
    replied
    Originally posted by Slot101 View Post
    I recognize that working hard is the most respectable way to pay off your debts. But if that's the only real recommendation, why does this forum exist? Is the response the same for everyone? I'm genuinely curious.
    You posted that you have a ton of debt and no income. What did you expect us to say other than "get a job"?

    That said, let me ask you another question. You also said, "I'm up all time on Poker and decent at that". How good are you at poker? Have you considered giving up blackjack and focusing on poker? I know a few people who do quite well playing poker. My one friend earned all of the money for his daughter's Bat Mitzvah celebration playing poker, a 5-figure amount. If you are truly good at poker (and don't just think you're good), earning 15K is definitely achievable.

    What does your friend have to say about this whole situation? How does he feel about the fact that he went 15K in debt to cover your gambling losses? Has that affected the relationship? Have you spoken to him about your inability to keep up the payments?

    Leave a comment:


  • Slot101
    replied
    Originally posted by Gailete View Post
    This forum is called Saving Advice, not how to go Bankrupt Advice, or how to get out of debt by sticking it to a large anonymous entity. We help people figure out how to use legitimate means to PAY off their debts and get their financial life in order. How to Save money, even if a little bit at a time. Much valuable advice is given here.

    No, I don't know you, but you seem to have your head stuck into only one solution to pay off your debt and that is apparently putting it on a credit card and then declaring bankruptcy. The one big fallacy in your thinking is that you can get a credit card somehow that will let you stick $15000 cash/check that charges to the account, on it. The problem with that is MOST credit cards will not give you or allow you to take that big of a cash advance on them. My card that allows the biggest credit line of $24,500 (don't ask me how I got that kind of amount but I have excellent credit). It allows only $7400 cash credit line. Most of my cards only allow about 1/4 of the credit line to be in cash, so you would have to somehow get credit cards totaling more than $50K to be able to do a cash withdrawal of $15K to pay off your friend. You would also have to pay around 3% of the withdrawal as well for the fee so that is another $450 dollars depending on the company. Without excellent credit, I don't know how you would be able to get over $50K in credit cards, especially if you have no job or visible means of support. You may want to think about a different solution to your problem.
    Right, this is what I assumed the situation was, but I was hoping for something else. Even not filing bankruptcy I'd much prefer to have the credit in my name so I can deal with it myself. Thank you though.

    Leave a comment:


  • Gailete
    replied
    But if that's the only real recommendation, why does this forum exist? Is the response the same for everyone? I'm genuinely curious.
    This forum is called Saving Advice, not how to go Bankrupt Advice, or how to get out of debt by sticking it to a large anonymous entity. We help people figure out how to use legitimate means to PAY off their debts and get their financial life in order. How to Save money, even if a little bit at a time. Much valuable advice is given here.

    No, I don't know you, but you seem to have your head stuck into only one solution to pay off your debt and that is apparently putting it on a credit card and then declaring bankruptcy. The one big fallacy in your thinking is that you can get a credit card somehow that will let you stick $15000 cash/check that charges to the account, on it. The problem with that is MOST credit cards will not give you or allow you to take that big of a cash advance on them. My card that allows the biggest credit line of $24,500 (don't ask me how I got that kind of amount but I have excellent credit). It allows only $7400 cash credit line. Most of my cards only allow about 1/4 of the credit line to be in cash, so you would have to somehow get credit cards totaling more than $50K to be able to do a cash withdrawal of $15K to pay off your friend. You would also have to pay around 3% of the withdrawal as well for the fee so that is another $450 dollars depending on the company. Without excellent credit, I don't know how you would be able to get over $50K in credit cards, especially if you have no job or visible means of support. You may want to think about a different solution to your problem.

    Leave a comment:


  • Slot101
    replied
    Originally posted by Gailete View Post
    I suspect with the OP problems with 'morals' just knowing that Dave Ramsey HAS a religious perspective in life, I would think turn him off.
    Please don't speak about me like you know me. I don't care if someone is religious. I just don't want to have to accept something I don't believe in my life like GA requires you to. I think that's more than fair.

    I don't have a "problem" with morals, I am only saying that I came here to figure out how to get out of debt, not to be lectured, which is why I didn't disclose how the debt came about in the OP.

    I don't have a moral quarrel with saddling Mastercard with 15 thousand dollars. Are all people who file bankruptcy amoral? We can have a debate about the morality of big banks and credit card companies to understand why I don't feel bad for them, but that's not really what the point of this thread is. Just because my morals lie in different places than yours doesn't mean I don't have them.

    I recognize that working hard is the most respectable way to pay off your debts. But if that's the only real recommendation, why does this forum exist? Is the response the same for everyone? I'm genuinely curious.

    Thank you for the recommendation of Dave Ramsay, I will take a look at it. I appreciate those who seem genuinely concerned about my issues, and I apologize if I come off rudely. Please recognize that my life is in a less than great place and it's hard to talk about for me.

    Leave a comment:


  • Gailete
    replied
    Originally posted by disneysteve View Post
    That's an interesting point.

    I haven't actually taken the classes, but I think Financial Peace University involves the religion part more. Just reading the book and following the plan doesn't. There's nothing about God or religion in the Baby Steps. That's very different than AA/NA/GA where many of the 12 steps mention God directly.

    I suspect with the OP problems with 'morals' just knowing that Dave Ramsey HAS a religious perspective in life, I would think turn him off.

    Leave a comment:


  • disneysteve
    replied
    Originally posted by Gailete View Post
    Unfortunately Dave Ramsey would be out of the question for him on the same argument as GA. He doesn't believe in higher powers or God apparently.
    That's an interesting point.

    I haven't actually taken the classes, but I think Financial Peace University involves the religion part more. Just reading the book and following the plan doesn't. There's nothing about God or religion in the Baby Steps. That's very different than AA/NA/GA where many of the 12 steps mention God directly.

    Leave a comment:

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