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Avoid Gambling Debt

2 August 2011 by admin

DebtIf you live in the United States, you have been bombarded with talk about government spending and debt for at least the past month. If you are someone who pays a lot of attention to politics and economics, you’ve heard the same talk for years. With Congress set to pass a deal to increase the debt ceiling today, it’s worth looking at how debt and irresponsible spending hurts gamblers.

Unlike the government, when a person reaches their debt limit, they can’t just raise it and borrow more money to pay off money that they borrowed. If they do that, they will end up broke at the very least and in jail at the worst. Despite that, some gamblers still spend money irresponsibly when playing casino games. One of the most irresponsible gambling behaviors is accruing debt.

You know those movies where someone needs money so he borrows it from a loan shark and bets on a “sure thing” only to have it backfire, resulting in him owing the loan shark a lot of money he can’t repay? Well, that actually happens, but for the purpose of this article, we’re talking about a less obvious form of gambling debt.

In brick and mortar casinos, it comes in the form of casino markers. Players take out a marker, which is the casino extending a line of credit to them, rather than bringing their money to the casino. We advise against this practice because when you spend money you don’t physically have in your possession, it can become too easy to spend money that you don’t even have in your account. There have been many cases lately of players taken to court for failure to pay casino debts.

In online casinos, it’s much easier to accrue a gambling debt. All you have to do is use your credit card to make the deposit. That is spending money that you will pay for at a later date. While your card has a credit limit, you can still easily spend too much this way. Also, if you don’t pay it off right away, your credit card company will charge you interest.

Gambling with debt is always a bad idea. As a general rule of thumb, whenever you make a wager, assume that you will lose it, because you might. If you can’t afford to lose the money, you shouldn’t wager it. That includes spending money you don’t have, which puts you in debt.

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