Taking out loans from the bank to pay off gambling debts?

[freeVICK]

FYI. I am NOT the one doing this, but instead a good friend of mine and im getting pretty worried for him.

he is a total square with horrible money mangement. pretty much the worst combo for a gambler. he also bets fcking huge, WAY WAY more than he can afford to. and every game he has to go 1q, 1h, game, 2h. sometimes he wins massive amounts, but most of the time he gets killed. keep in mind we just graduated college so we dont have much money. anyway, he managed to lose like 20k in the past month... and that figure isnt even counting the amounts he has been losing prior. needless to say he doesnt have a dime of it to pay off our local. never really asked him how he was getting the money until this week when he told me he took out a personal loan from the bank for 10k, and is maxing out multiple credit cards on cash advances...

i honestly dont know what to do. hes a good friend, but he has some big problems. i have loaned him some cash but i dont have anything near 20k. anyone else been thru a situation like this? is it even possible for him to pay off that kind of debt? and how ****ed is his credit gonna be? i have tried to tell him to stop gambling, or at the very worst bet less and stop with the 1q, 1h, game, 2h bets.... but he doesnt listen. what the fck do i do?

[Fishhead]

Many, many, many gamblers use loans and cash advances to play and pay with bookies.

It sounds like he is taking care of it this way and doesn't need your help.

I find him honorable that he is paying his debts.

He will fight back, us gamblers always do.

[freeVICK]

trust me fish, if we lived in Vegas my friend would be on the streets. he is the biggest degen ever

[yellowman]

I think your friend is going to have a hard row to hoe in life unless he gets his shit together. I disagree with Fish, sounds like your friend has already lost the war, he needs to stop and find a new hobby. My guess is he won't, he hasn't hit rock bottom yet. Hope I'm wrong, but I've seen it happen to a lot of people - the small details change, but the big picture is almost always the same...

[freeVICK]

I think your friend is going to have a hard row to hoe in life unless he gets his shit together. I disagree with Fish, sounds like your friend has already lost the war, he needs to stop and find a new hobby. My guess is he won't, he hasn't hit rock bottom yet. Hope I'm wrong, but I've seen it happen to a lot of people - the small details change, but the big picture is almost always the same...

yea it looks that way, but hes my friend and i do not wanna see him go down like that. what can i do?

[AnotherLoan]

Someone needs to stop him immediately. His life is falling apart, he needs help fast.

[jjgold]

He has a gambling problem, will end up in GA when he hits bottom or end up in jail for for fraud or something to do with stealing.

Do not get me wrong I get loans to gamble but always or at least most of the time find a way to make the payment

[freeVICK]

i hate to say it, but maybe it might be best for him to hit rock bottom so he can finally learn and turn his life around while hes still young.

[CarpeDime]

sounds like a nice guy

have him click on the banners at the top of the page

[Thor4140]

yea it looks that way, but hes my friend and i do not wanna see him go down like that. what can i do?

Stop being an enabler would be a start. Unless he stop gambling like yesterday he is doomed

[Richkas]

Buy a gun instead.

[paco]

Buy a gun instead.

Richas always with the best 1 liners

[fsugolf]

so instead of being in debt to locals, now he's in debt to legal operations who will come after him after he stops making payments to them. They will come after him a lot harder with the law ON their side. Best of luck to him

[CarpeDime]

so instead of being in debt to locals, now he's in debt to legal operations who will come after him after he stops making payments to them. They will come after him a lot harder with the law ON their side. Best of luck to him

right, I would rather owe money to locals than to a bank

BUT, if he truly has no hope of paying the debts back, then he can declare bankruptcy and stiff the bank legally

no way to stiff locals legally

bankruptcy is rarely a good idea, but if he's going to have to do it regardless, better to pay off the locals first

[freeVICK]

i think id rather owe 20k to a bank than a local. atleast you are paying minimal interest and can pay it off over many years. locals will hire thugs to break your fingers and charge 20% a week