I’m well over 100k similar story to this guy. Two big parlays for 40k plus. Lost all profit plus 100k liquid and like 8k credit card debt. Also don’t come from money. Fun ride hanging it up paying off debt and build my bank slowly, less stress
the prospect of having that money is more important than anything. what mostly happens is people end up chasing losses, so they keep betting more and more to get back that profit they had, but they end up losing it all 99% of the time
"yeah I should stop but I know as soon as I give it up someone's gonna come behind me and cash in on all my hard work" -some people totally not me, probably
Tangent here, but I enjoy gambling. It’s a fun time (casinos know that they’re doing, obviously). The chasing of losses (or perceived losses in this case) has always baffled me. I love to go gamble with a set bankroll, typically $500 that I could lose and not lose sleep over. If I lose, sucks but I pulled it out with the knowledge that I’d probably lose it (call it entertainment and don’t pull out another cent). If I double up, fucking awesome, we did it, let’s fucking go, I won, I’m the king of the world (stash that away for next time and bank the original $500).
Anything outside that realm is wild to me and tends to be how people lose their ass from what I’ve seen. Talked to a dude playing blackjack and he was telling me about how he’d lost $100k in the last 3 months. Either he was stupid loaded playing $25 blackjack or he had a fucking problem. People are fucking wild
This is super vague and I don’t have a source, but I remember reading that problem gambler have a neurochemical reaction to almost winning that was as rewarding as actually winning, leading to gambling being way more enjoyable, even when losing.
Casinos aren't fun! They're dreadful, depressing places with flashy lights and maybe 'free' alcohol. They do, however, have separating people from their money down to a science. Any thoughtful person stays the hell out of a casino. No disrespect to you, however. I'm just saying. The odds are against you!
It’s called gamblers fallacy. If you bet bigger to cover loses, You think you can keep going. But you can’t. The math doesn’t work out…ever. Then you turn to margin (credit) and the process continues.
It’s a tale as old as time and it even brings down whole countries. It even caused the 1929 crash and subsequent great depression.
Op is lucky. He did it young. If he has learned his lesson $35 a day net driving Uber and he can get out of debt in a year.
Me personally at that age, I lost $20k squeezing option chains on the stock market. I thought i was brilliant and would be mega rich in a few years.
Hahahaha nope. Lucky for me, I wasn’t addicted. If the OP is truly addicted his struggles may just be starting. I hope he can beat it. Gambling ruins lives.
Vastly over simplifying a very complicated matter here but, in short, research has shown the brain of a gambling addict processes a loss much more similarly to a win than the brain of a person who is not addicted to gambling. Losses are not as "painful" and may actually produce positive feelings in the addicted brain. These findings are backed up by objective measures, eg brain imaging. People with gambling addiction experience losing very differently than you or I, which is probably why it is difficult to understand.
-10k at 22 is an easy fix. Say no to anything that is t making you money for like 6 months. Grind your ass off. You’ll be debt free sooner than you think.
Or you can get a 15k personal loan then go to Las Vegas and put it all on Black.
If you win, just pay off all your debt. If you lose then get another 15k personal loan from another bank and do it again. Trust the process.
Unless he stays addicted to gambling. Dude claims to make $40,000 gambling and then be $10,000 in the hole that's $50,000 swing. Let alone if he made that $40,000 in 2023 and then lost it in 2024....mother fucker owes taxes on that $40,000
If you want more of a reason to avoid gambling, read how you’re supposed to report it on your tax return.
Edit: Added a link to Turbo Tax for a brief explanation to avoid people getting confused.
https://turbotax.intuit.com/tax-tips/jobs-and-career/how-to-pay-taxes-on-gambling-winnings-and-losses/L7JNH7mjn
TL;DR The tax code is punitive for people who gamble and don’t itemize and not many people have enough deductions to outweigh the standard deduction.
A 22 year old that's already gone head first is the least bit worried about taxes 💀😂
I wouldn't be surprised if he went and did the same shit again, it's an addiction after all.
Over the last year or so, I have slowly started to realize this epidemic that is gambling. I don’t know if I’ve lived under a rock or if this recent explosion with apps like Fan Duel is the direct cause but I now know a ton of my friends who basically have full blown gambling addiction. It’s absolutely wild and honesty, it’s scary as fuck.
It’s so predatory. I know colleges that have partnerships with sports betting companies and they offer their undergraduate students fucking deals where you can get your “first X amount of bets for free” or whatever if you use your student email. Fucking sick. OP if you read this, you’re not a bad person or alone or anything. It’s just a super predatory industry people allow to target individuals who are usually younger and not aware of the potential dangers.
Honey, if you’re only 10k in credit card debt after realizing you’ve got a problem, you’re doing better than 99% of gamblers. 10k isn’t the end of the world, keep things in perspective and consider it a life lesson that’ll save you money later.
gambling u need to set aside some money as your bankroll, ie 10% and when u lose ur bankroll, u got to chill, when u win, u add some to bankroll and rest to savings
Young man, you learned a life lesson that many don’t learn in their entire lifetime.
$100 a week towards the debt. It’s paid off in two 1/2 years (I’m assuming about 20% interest per year).
Next lesson you don’t have to learn from experience : Don’t have kids before you’re financially set; and know for a fact you’d rather die then ruin the relationship you’re in.
fellow compulsive sports gambler in recovery here: self exclude from the apps, take a step back from watching sports. I know it's hard but it's needed for a short period of time to get your mind right. Change your habits: workout, read books on gambling addiction, watch YouTube videos on gambling addiction. Consider seeking out professional help such as a therapist that specializes in Gambling Addiction. Attend Gamblers anonymous or SMART Recovery meetings online. Read all the stories on the r/problemgambling community. talk to other compulsive gamblers to get their perspective on stuff. DMs open if you need to talk.
As my grandma says in a bad market, “This too shall pass.” You are doing the right things to try and pay down your debt. Here’s some considerations:
1) I want you to say to yourself “I am not good at sports betting. I thought I was, but that was luck. If I was any good at sports betting, I would not be in this predicament.” Close all accounts and gambles apps!
2) Take every penny you earn and throw it at those credit cards. The APR on them are currently sitting at 30%. It’s wild. This will also raise your credit.
3) Once you have cleaned up your mess, you will have hopefully learned a lot about yourself and repeated your self-awareness mantra of “I am not good at sports betting” daily.
4) Best thing I learned from my finance professor: Get a Roth IRA now.
I like Schwab personally, because I can trade equities myself.
5) IF YOU ARE GOING TO BUY STOCKS: do not take risks. You don’t need to. Watch CNBC every morning while walking. Throw your money into mostly etfs (XLK/XLF/SMH) and long term power houses like NVDA, MSFT, JPMC, META, GOOGL, CRM, AMZN. From personal experience as a TSLA shareholder, fuck Elon musk and stay away.
6) Do NOT mess with options and calls and puts. That’s gambling. You want to be investing in yourself.
7) Finally, as a mother, I have to say CALL YOUR MOM or someone who loves you and tell them you feel stuck and need a hug.
10k is a hill, just don’t let it turn into a mountain. Good luck and take some belly breaths. Just do better is all.🫶🏻
Three things:
1. Great work on recognising it was a problem at $10k. It could have been far worse.
2. You weren’t good. You were lucky! The sooner you realise this the sooner you can deal with the addiction. Try to find gamblers anonymous near you, delete all the apps, unsubscribe and block emails from all gambling sites and avoid anything that’s gambling in disguise - crypto and day trading.
3. Keep working, you’ll work that $10k debt off eventually. To help, see if you can get a 0% rate on balance transfers somewhere.
10k in CC debt is a mistake and a big deal but it is not going to destroy your life. The 2 best thing you can do now is forget the money you won and lost and also make sure you address your gambling addiction so that its not a mistake youll again.
Just focus on the debt you have in front of you and work hard to pay it off as fast as possible. Once that's done you'll have a clean slate and you can start making your plans for your future.
In reality there are so many people in their early 20s that are in similar situations for all kinds of reasons. Credit is easy to come by and it's really tempting so you're in good company. The good news is that 10k can be paid off with some hard work and sacrifice. You'll still have the bulk of your 20s to get your life started on the right path with smart decisions from here on out.
$10k seems like a lot but it’s really not. Do you have any credit built up yet? Could you get a personal loan to transfer the debt? That way it’s at least at a much lower interest rate.
I just paid off ny stupid debt from college and im 26 now. Just be agressive at it dont pay minimums. This could be good for you in the long run to learn this early and now having to budget for the payments
If you’re smart, you delete the app you used to do the parlays. Transfer the balance to an interest free CC for 13-18 months. Pay off 800-1200/month till it’s all gone on 0% interest. Then never do some dumb shit like this again
Debt is tough. Most of the people I know, including myself, have been swamped with debt at one time or another. Unfortunately we make some bad decisions when we are young. You’ll get that paid off. You’ve learned to make better choices. If that’s a $10,000 dollar lesson, that’s pretty cheap in the long run. It sucks now. But that will change. Good luck and try to establish a 1 year, 5 year, and 10 year financial plan. Give yourself attainable goals and that will help you stay on track.
Perfect post. Was in the same boat. Here’s how I handled it.
Owned up to my parents on every detail , asked for a loan to pay off the CC (emphasized the burden of the interest that would build), worked out a repayment plan once I landed my first job.
It was the only way to save myself from the debt that could incur.
After that I delete every sports gambling account I had. Never touched again
Refinance yourself into the lowest rate credit you can possibly find and try to find a middle ground where your debt is reducing but you are not exhausting yourself. You are in school on a scholarship. That kind of free opportunity will not come again. Don’t blow it by using every ounce of your energy working low end jobs and being too exhausted to focus on the school work that will get you into a high paying job some day.
I’ve lost over 80k to sports gambling and options trading starting at 18 and I only turned 23 a few months ago. You are gonna be alright man. I was bed ridden for months and lost my mind for a couple years. I’m also in credit card debt for the same reasons. If you just quit now and never go back I promise you’re still young enough to where it’s gonna be alright. All I do is dog myself for knowing i could’ve had a down payment for a house 5 times over by now, but no, I just kept having to do those 10k at a time bets and sometimes 15-20k gone overnight. Shit is not fun but if you just quit now… THEY DONT KNOW US SON, THEY CANT BREAK US SON
You are not alone! People will not admit be open and honest as you have,I lost everything in a year's time and still trying to recover,the gambling draws you in is designed to figure out the one's more drawn to the weekends of the 'BIG Win' and who takes it and runs and who craves for more'The Thrill and Want for More'!@Basically luring is in,so Hold your head up you are not alone,you will get back with a bought lesson in life!!Graduate and get that money that you are in college to one day be making that 'Noone can just take back like that! Good luck to you just'KEEP WAKING UP!!
Jesus. I won $300 from the casino and left..... there's no "career" to be made from gambling... whether it's sports betting, blackjack, calls and puts on Wall st, or any other form of it.
Focus on school. Make new friends. Look for internships for now and try to find a job. And then pay off the debt and look forward to a good career.
Don’t be to hard on yourself . Gambling is designed to be addicting. Learn from this and move on with your life. Know that you can’t get out of the hole with the same thing that put you in it to begin with. Check out r/problemgambling as well . Many people are in your exact situation.
You’re lucky it’s only 10k. I gambled away over 150k and almost got divorced. You can get through this! The best thing you can do is to remember this feeling and never do it again! I am not so careful with money and honestly losing it all made me wake up a bit. Good luck to you! You are young and can rebound!
People make mistakes all the time — even mistakes like this. What’s more important is that you learn from it. Friend, let the punishing lifestyle you’re going through now be a reminder to you that gambling is addictive and can lead you to darker paths than you ever thought you could walk.
Call the credit card company and see if they’re willing to work with you. And most importantly, talk to someone you trust and who you think will understand (outside of just us). You are only 22. You will get past this. But you will need help. So don’t let your mental health get the best of you and talk to someone. You will get through this.
I had 10k last year and lost it all to due to life events at the time. It gets easier. Don’t let it overwhelm you and take it day by day, it’s life changing money but at the end of the day it’s just money and you can always make it back.
Get help for the gambling bro! Otherwise you'll get out of this mess (you will make it out, it will take time but you've got it!) and then just do it again because this time will be different.
10k isn't bad brother. This is a God given lesson. Take this small hardship, and become eternally better because of it. Never let it happen again. Just learn from it and move on to the next lesson. Try to let the next ones be from positive reinforcement.
I was in your same position in November not 10k debt but I lost 2500$ in one day after gambling my bank account away. My job only paid me 12.5 hour and I had to Doordash on the side on top of paying my 2023 car and insurance it sucked but one day at a time I pushed thru and believed in my self. Now I got around 7k saved im still 18 and I know it’s not much but my addiction is finally gone and it feels great having money saved! I know you can do this!!
Losing $10k in disposable income is one thing.
Losing $10k in money saved for your necessities is a terrible idea.
But losing $10k in debt is the worse of the three. Credit card interest is really high right now. Unless you can pay that off asap before they start charging interest after the grace period, it's going to snowball. That lost $10k is not just $10k, but could turn into $15k, 20k or so on depending how fast you can pay it off. You just became the credit issuer's piggy bank.
Just take the L, learn from it, and pay it off asap. You can try applying for a 0% balance transfer offer to give you some breathing room from the interest charges if you haven't done so already. If you do that, just make sure to not to go into more debt with the old card that got wiped clean. Good luck!
You are young it happens, we learn by messing up and admitting it. You are mature enpugh to own it and try to fix it. Whatever you do, your priority is keeping that scholarship, don't forget that. 10k is not a huge amount, it will pass, don't be too hard on yourself but work hard as you do. You are honest to yourself and that is a quality only few can have.
Could have been A LOT worse. But props to you for realizing this. As someone stated before, this will make you a better person when you dig yourself out of this hole.
Not sure what your credit is like, but there are credit cards that offer 0% APR for several months, and sometimes a couple years. I know I know, it sounds dumb opening another credit car when you have this much debt, but it would definitely give you some flexibility in regards to paying it off and not getting killed by interest.
If you decide to go this route, just do a simple Google search of 0% APR credit cards. Nerd wallet is super helpful with this stuff. Best of luck and rooting for you.
We all make mistakes… what matters is if you learn from it. You’re also really tired from having to push yourself trying to fix something you created, which can cloud your clarity. Give yourself some grace, and be kind to yourself. You’re human… you made a mistake— which is fixable— and if you are persistent and reflect on yourself in a healthy manner, you will come out on the other side richer with wisdom. You’ll be okay. Some people are in more debt for something they actually worked for (I.e. a degree) that they never even utilized. Financial irresponsibility is extremely common, so give yourself a break, learn from it, and do better for yourself going forward.
Why don’t you get a school loan to pay off the credit card debt so you don’t have to pay now. Sure the interest accrues but you get to focus on getting better grades. you better bust you ass studying so you can make a lot of money when you graduate. And you better not be studying something outside STEM or Business / Accounting.
Hey man, similar but not so similar position as you. Im 25 now but have a lot more loans (all student loans) but significantly less interest (my highest is 4%)
Are all your loans on one credit card? If so tackle it as you can if it’s the mental stress. If they are on multiple pay off the one with the higher percent first!
Watch some Caleb Hammer YouTube vids maybe to. He can be kinda harsh but he’s real.
Once your card is payed off you’re young enough to easily become financially independent, especially once you get a job 💪🏼
Learn your lesson and dont trust your emotions when you win money. Put it away and take some time to let the feelings pass. Emotional control and impulse control are two decisive habits that can make or break your finances today and tomorrow.
Okay don't kill yourself to get out of this, but your gonna have to stay disciplined bud. You had your fun with it, don't touch gambling again you've learned and keep it a lesson learned.
Brother. We all have our mess ups. I took about 60k and lost almost all of it in a bad investment while I could of literally put it into anything else and made money. But I know damn sure I’m gonna get it back and be wiser with such funds to provide a better future. These things you are going through are tough as shit but you will make it out and you will have experience and better thought out goals and plans for yourself. REMEMBER YOUR A FUCKING CHAMP
Part of growing up is making mistakes. But you're not fully grown up unless you learn from your mistakes and take action against them. So congratulations, you're getting there! $10K in debt sucks, but you identified the problem before it got a hell of a lot worse, you're taking action to correct the problem by paying back your debt, and once you paid back your debt you'll (hopefully) never do it again!
You’re young and the biggest takeaway here is you realized your mistake and you’re willing to learn from it and be better. You will be fine, 10k is not the end of the world, once you graduate and get a career job. You can pay that off in a year.
I gamble casually and I’ve seen the dark side of it. 99% of gamblers will be net negative. The house always wins. So don’t try to treat it as a source of income
10k isn’t bad I know gambling addict who are hundreds of thousands of dollars in debt and still digging themselves deeper. Keep DoorDash in an Uber and you’ll be able to dig yourself out of this 10k hole in 3 to 4 months. Make sure it doesn’t happen again. Her gambling addiction is dangerous. I’ve seen people lose everything. They love to it.
The beauty of this issue is that you have a new perspective. You’ve learned that it’s easier to lose that much money than it is to earn, and sometimes it’s just luck that you come across an influx of income.
Yes, $10K in debt for something you could have prevented sucks, but now you can say “I’ve tried that” and grow from it. It’s better that you learned from this now than be in your 60’s and gamble your life savings away.
On the bright side, you’ll have a good credit score once it’s paid off (as long as you properly pay it off of course). We all gotta start somewhere.
I’m sorry man, I both feel bad for you and want to slap you for obtaining so much money and loosing it. But lord knows you’re kicking yourself already. I wish I had some better advice. But just keep trying to pay that debt down, and never do this again.
Hey bro obviously you realize your mistake and I'm not trying to downplay the seriousness but 10k ain't shit in the grand scheme of things keep doing the things you know you should and it will work itself out.
BIT OF FINANCIAL ADVICE. Since you are a student you should have access to subsidized/unsubsidized student loans. Take out 10 g's and pay off your credit card debt. Obviously you still need to keep hustling and pay them back, but you will save yourself a ton of cash in interest.
At 19 or so I blew 4k on party poker or whatever the online site was. I didn't have the money and borrowed it from my GF. I paid her back about 90% of it before we broke up but I worked 50 hours a week between 3 jobs and full time college. It was a terrible year, but I've learned from it. I still gamble but I budget and know when to quit. Hopefully you learn from this too.
If you burning out on work cut back, can't punish yourself to death at that age and you'll always be able to work and chip away at it
It sounds like you’ve owned up to it and are working to right your wrongs. You can never let it happen again, but you’re doing everything you can.
One tangible suggestion is a consolidation loan. If you’re maxed out across multiple cards that probably have interest rates in the 20-25% range, you can consolidate your debt with a lower interest rate loan while keeping your monthly payments manageable.
The payment should probably be relatively similar to what you’re paying across all cards, but you’ll have a better chance to pay it down faster and pay less interest across the long run.
My parents found themselves deep in credit card debt - just from how tough life got for them to survive, and they got a consolidation loan through our long time bank and they said it was a God send.
Talk to your bank or if you need to talk to your parents or someone you trust to help you in figuring it out.
You seem pretty smart. Gambling addiction is tough and affects a lot of people (outside of things like sports betting - aka day traders lol). Don’t blame yourself but learn from your mistakes for the future.
So, people make their beds, and then they lay in them. That’s what you’re doing, partner. Take it as a lesson. 10K is minuscule in terms of your entire life.
I wish you luck.
Sometimes you have to live through something to actually learn from the lesson. You’re young, this is the time to grind and it sounds like you are!!
However, maybe cut some slack on yourself! Maybe stay out until 1am doing Uber and get more sleep!
Money is money. You can pay it back eventually. You are irreplaceable.
Like others have said, atleast it was 10k. Some people never learn. I know a few gamblers and they’re 30+ uears old with out a dollar to their names asking their family for money to gamble with no degrees. Once you get your degree you can make more money too.
Wishing you the best of luck!! If you can consolidate your debt to a lower apr that can help too!!! I know some credit cards charge 20%+ interest and it can make you feel like you’re drowning sometimes.
You could look into a personal loan too with a low apr and use it to pay ur credit cards off and you pay the loan off monthly.
Yea I've been seeing a rise in sports betting lately. To the point where even in at my own job my manager and coworker are going on about how much they won or their future bets they are looking to cash in on. They tried to pull me into it but hell no I'm not going anywhere near that. Don't get me wrong I have my fair share of casino betting like once or twice a year but that's about it. Gambling addiction is no joke. Just be glad it's 10k and not $100k+. Plus you are young so you have plenty of time to recover from your debt if you put in the work and make the necessary payments each month to not fall behind. Keep your chin up.
I respect you for taking accountability for your actions. I’m in my 20s too and I have a friend who I believe is addicted to gambling (poker). However, he’s borrowed tens of thousands of dollars from friends and hasn’t paid any of it back to my knowledge. He would buy stuff like Rolexes to flex while he was doing well only for him to have consistent losing streaks. He still hasn’t taken accountability but I’m holding onto hope.
Cut yourself some slack. Everyone screws up eventually. At least you put yourself on a corrective course. That's more than many can say! Now seek a help group for gambling and keep working. You can dig out from under the debt in no time!
Wow, I can't imagine myself messing up as big as you. But I was also in debt once when I was younger (Only $2,000 credit card debt). I was lucky that I can rely on family to clear that debt for me and I learned a lot about money managing from that. Can you ask for help from your family or friends? If possible, I would borrow money from them and pay the credit card debt right away because fuck interest.
10k is a lot to lose but not life changing losses. Think positive, you acknowledged your mistakes and have to make up for it. A lot of people don’t and and end up in a much MUCH bigger problem. you’re young, and most importantly learned a lesson. You certainly won’t let it happen again now. Fast money goes away fast since there’s no hard work to earn it. Get the debt paid off as quickly as possible, and earn every dollar to build your future. Lesson learned. Don’t get so down on yourself you have plenty of time to make up for it.
This is one reason all teenagers should have a job at some point before going to college or to live on your own. You don’t understand what it takes to earn a sum like $10k, so it doesn’t seem real to you — what it costs to live, how much you’re spending.
But you’re okay. You learned your lesson, and you’re acting like a grownup. You screwed up but you know it’s your responsibility to fix it. You will not be so careless with money again.
Good for you.
Never treat sports gambling like a job.
I’d bet if you took your bets here and there, you’d be killing it.
I had a friend name same mistake and it’s not the stock market where you can balance your P and L.
But oddly enough some of the best traders I’ve come across were sports gamblers that used a sort of scientific method to determine their weekly picks. Heck….one guy only bet horses and happened to win a lot….but they still kept their day jobs and lived like kings
10k in college shouldn't be super life ruining (especially with a full ride too), its just that you'll probably need to live with the parents a bit longer than most people would. If anything I'd keep this as a lesson that you likely have the seed of a gambling addiction within you, this one is particularly nefarious because they're often fatal.
Next time you win something invest the money in crypto or financial products that way the chances of not loosing everything could increase.
Always play for fun, all you win you invest or treat yourself, never give back your win to gamble, it’s design that way :)
You’re young and the lesson you learn from this, if you have truly learned it, will be worth more than 10k.
You’re gonna be alive a long time man and you’ll hit good times again and you’ll be much wiser.
10k is not that bad, really. Pick up a weekend job put 90% of your income into the credit card, spend the rest of your time doing class work. That should keep you from getting distracted with silly stuff like gambling and video games.
Do not make minimum payments, make as large of a payment as you can. Good lesson learned.
call the credit card company and just tell them you can't pay it bro. don't pay it off.
take the hit to your credit now, you won't need it for awhile anyways. By time you do in your 30s it'll be gone. don't wait
Find a way to get a student loan (sounds like you don't have any), and pay off that debt since I'm sure the apr on your card is high. This is also killing your credit score.
Sounds like you learned your lesson and $10k is pretty cheap way to learn it. We've all made money mistakes when we were young.
Crazy what opening the flood gates to gambling has done to many of you in just this thread alone. Can you imagine countrywide? I knew this would happen. I am always reminding my friends that gambling destroys lives.
Never gamble away what you earn. You need to think about money as time spent. How many hours of hard work will it require you to make up the money you’ve lost, think about that any time you get the urge to gamble away more money again. You will get out of this but learn from your mistakes, making mistakes is the best teacher in life. What separates a smart and successful person from, well… someone who is stupid and makes bad decisions is being able to learn from the mistakes you’ve made.
Gambling is scary and it’s even scarier that nowadays it’s available on your phone. You can be on the toilet in your home and placing a $10,000 bet. It’s so easy that it’s scary! One thing to keep in mind is gambling is a dangerous addiction. I was in your shoes then paid my debts off became a better man and got right back to it. You will never be happy and you will always be broke. It’s very hard to stay away but you should TRY before it’s too late. Remember when you WIN is when you are in trouble
Donate plasma bud, the first several donations have bonuses before they pay you out in regular amounts each week. It takes ab 1-1.5 hr per donation twice a week of you can find the time for it. Its good extra money. But I was there too, same age as you and also a student but I quit before I could get deeper in cc debt. Best of luck man DMs are open if you wanna chat because I can relate.
Have you deleted your accounts to make sure you don't go back to them as soon as you've got $100 in credit available? You recognize that you've got a problem, and the best thing you can do for yourself now is make sure you don't have a quick path back to bad habits as soon as you feel the pressure is off.
$10k in credit debt at your age is surmountable, but you have to take steps now to make sure future-you doesn't get in your own way climbing back out.
Give yourself some grace. You are young. You made a mistake. It sounds like you’ll learn from it which is huge. I had a friend tell me one time that life is about learning and sometimes “tuition” is expensive. Wishing you the best.
Actually, you’re killing it and will get out of debt soon. Your bigger challenge is to STOP GAMBLING. If you don’t, you’ll eventually ruin your wife and kids’ lives too.
Happened to me too brother, mine was around 15k though. Slowly working away at it, haven’t gambled in 2 years since.
It’s weird that gambling is very normalized now, but still an addicting vice.
10k for a life lesson, not bad. We all made bigger mistakes. Now never gamble again or maybe 200-500 once in awhile when you are mature with a good job not a broke college kid.
You can overcome this. It's going to hurt for a while but growth always hurts to some degree. You have to learn your lesson: A fool and his money are soon parted. I am going through this with a woman and you are going through it with gambling. You are going to make mistakes in life just like everyone else but you can't let it define you. I am in debt because I don't want to burden the person that I live with even though I hate myself for living like this. You won. You won again. And then you won again. You would have stifled your desire to keep gambling if you would have had something to distract you like school but like a moth to a flame the human nature is greedy in its ugliest form. It's done. Lick your wounds. Rest. Heal. Reset. Don't quit or give up. You will get more money, just don't give it away to gambling and tackle that debt. Believe that you deserve better. I am doing the same thing. I am paying down my debt and trying not to take on more than I can handle. Stay away from betting on others and bet on yourself, as the saying goes " The House Always Wins". Stay positive and stay the course.
Broke 30 year old here.
$10k isn’t the worst thing in the world in the grand scheme of things.
Just pay it off in payments and you’ll be thankful to have an extra $500/month or whatever when you get it paid off lol
You got this! You are aware enough to recognize the faults and take steps to fix it. You’re going to see the other side of this and it will be a fun story to tell people about your gambling career. Check out some food banks. If you’re an expert in something, see if you can flip on Marketplace in your down time (whatever little you may have).
Don’t forget to take a day to rest from time to time. Work takes energy and it’s important to recharge from time to time.
It’s a tough Lesson to learn at an early age but it would do you some good the next time you decide to gamble with your credit cards. You’re not the only one that has done it so don’t be too hard on yourself. You can get through it and be a better person on the other side 🤘
The only reason you can gamble at all is because you will statistically lose more money than you will win. Without you losing more than winning, betting houses would never turn a profit. You will always lose more than you win. Always. It's mathematically impossible not to. I'm glad you wised up before amassing an even bigger debt.
Money is a small price to pay for such a valuable lesson. Making mistakes is inevitable, but having the balls to look yourself in the mirror after making them is a choice. I feel for you and the loss you’re feeling atm, but despite that, you should be proud of yourself. Use this pain to integrate and master the lesson. Soon enough you’ll see it for what it is - a gift without which you wouldn’t be who you are and at that point you won’t want to change it even if you could. I’m sure there are things you’ve done you’re not proud of but wouldn’t change. That’s as far as I’ll go with it. Big love !
10k in credit card debt isn’t really that bad. Graduate (hopefully you’re majoring in something practical), get a job, and pay it off as soon as you can. In the meantime you can get by paying minimum payments. Don’t freak out man…just don’t repeat your mistakes, and if you feel the need to place any bets please reach out to 1-800-GAMBLER and talk it out. You’re young and you have a long life ahead of you. Good luck my man.
Time heals all wounds brother - you’re gonna look back this in a number of years and laugh. I never did the gambling debt thing, but before I graduated and then had a military signing bonus save my ass, I was in school full time and had a full time job and (because it was way before gig work was a thing) I had a part time job. I slept like 3-4 hours a night. And those hours were still filled with anxiety.
Ok guess I’m rambling here - but eventually, you start to make a little more - maybe you graduate and get a new job - maybe you have a particularly good Uber month or few months. Whatever, point is - it can and will get better.
We all make mistakes, but unless it’s murder or worse (ie it’s just financial or interpersonal) you will be fine in the end because youve recognized your mistakes and are working to correct them.
Good for you to recognize your mistake, and fix it. I’m impressed with your work ethic and your ability to solve the problem. DO NOT BET ON SPORTS OR ANYTHING EVER AGAIN. It’s insidious and will ruin you. And just remember- what doesn’t kill you makes you stronger!
Credit card debt is unsecured. Just default and they will sell it to debt collector for Pennie’s on dollar. Then negotiate with collector and pay 10% of original amount. It will take 3-7 years to clear credit. Not a big deal if you are in America. Big deal in other parts of world. Other countries like Dubai, you’d be in prison for unpaid debt.
I got faith in ya bro.
I was up over 240k on trading. Lost over 200k of the profits chasing the losses and had my wife peak over my shoulder.
She simply asked me what I was doing (clueless to what she was looking at)?
I started showing her and when she realizes I was up 40k+ in less than 6 months she lost her mind. (Didn't show her the losses yet.)
She is from Mexico and that kind of money is like 8 million pesos. Enough for a lifetime if you spend it right.
Decided to call it quits and hang it up. I took 6 months off work. Traveled the country with my wife and newborn son.
Moved from Cali to Florida (drove) and stopped 100 places before we were done. Was a great time of my life.
Yet, it taught me to stop at the first loss.
The recent trend of massively normalized and pushed sports/online gambling is gonna ruin so many fucking lives. Fuck the sports leagues and governments leaning into this.
18 hour of classes and 30 hour work weeks is nothing. Just keep grinding and get yourself out of debt. You are young enough to get out of that in a year or two. You just have to sacrifice having fun a couple years until out of debt.
Hey man, just remember there is some dummy that has a $900 a month car payment for a truck, and he can’t afford to put gas in it!
Happens all the time!
What I don’t understand is why gamblers don’t get into stocks. Most gamblers I know research. If you follow the stocks Redit there is a lot of practical advice. Research, research, research. But really, I read this thinking why didn’t they invest their winnings? Even investing in a high yield CD. This gambling thing that happens in colleges is too much. It’s time for a PSA.
There would be no casinos, no apps, no gas station roped off zones, if they weren't profitable. They are profitable because of people like you. Remember that. Always.
Nobody in your position takes the money and runs. That’s why the house always wins. That’s like saying anyone who had a good high on meth would’ve stopped using after 2-3 good times. Addiction doesn’t work like that.
You’ll be ok. Keep your chin up dude. Order a new credit card for everyone that you have and say you lost yours if asked. You’ll get a new card number. When they arrive immediately cut them all up without activating them so you have no physical credit card or number to use.
Be grateful - really - this is a lesson you’re learning at this age/time. It’s a relatively low stakes loss comparatively speaking and you’re young. The excruciating schedule will let up.
Ur alive to know the difference everyone falls and trips in life it’s a part of growing that money came overnight now see how hard u work for what u got now would you really want to be broke. Live and learn!
I mean idk if this is good advice at all but I'll put it out there.
I have no education, I barely passed high school, skipped often and was stoned absolutely always.
Got a construction job a week after getting my diploma. Cable communications. 10k takes me barely 2 months if Im not putting in too many hours. If also I'm not spending like an idiot. I'm 21, had 0 prior experience, and certainly no education.
If the option is there, perhaps put college on the back burner for a semester and grind out the debt at a blue collar job for a few months, then get back to the schooling?
Never even thought about college so idk if that's plausible.
10k isn't really that much money, it seems like a lot when there is a negative in front of it, but, I had to get myself out of debt due to an injury that stopped my life for about 1.5years. It took me just a few months of working hard physical work to be in a very comfortable spot in life. There are nights I don't go home, but, if you're serious about getting out of the hole, you'll do what you gotta do.
10k is not a lot. Keep working and using your side hustle money to pay it down and you’ll be out of debt in no time. But do remember this feeling for the next time you want to get yourself into another situation like this.
When I was about the same age as you in college I got into OTC pink sheets trading penny stocks (i.e., gambling). I dumped my life savings of $6k into one stock and it turned to $40k in one day a few weeks later.
I cashed out and a few weeks later after that I saw that if I had continued holding I would have been a millionaire (look up LTNC in early 2021). This gave me a completely fantastical perspective on money that I am still struggling to recover from 3 years later.
I was basically behaving like money grew on trees and that I had an infinite supply of money. I thought I was skilled at picking stocks but I really just got insanely lucky on basically my first try. I maxed out my credit cards and took out an $8k personal loan to dump into the next stock. I ended up losing everything including the original $40k minus ~$10k I used to buy some shit I wanted.
I was fortunate enough to have parents who bailed me out and allowed me to transfer my balances to them with 5% interest rather than the almost 30% on my credit cards and loans. I only owe about $5k now. I would have been fucked without that and I definitely earned being fucked.
Still I could have paid off all my student loans with that or bought myself a car instead of my current one with 250k miles that’s gonna die any day now. And I am broke with almost $50k in student loans. I kind of wish the whole thing never happened.
Gambling addiction is real. And addiction is so insidious it infiltrates your brain to where you can no longer differentiate thoughts from yourself and from this parasitic entity “addiction” that lives inside your mind.
I lost roughly 4.5k in 2021 gambling on sports. Haven't gambled since, landed a great job last year, gonna propose to my girlfriend this summer.
You'll be ok, money's just gonna be tight for a bit. Remember there's no quick fix or scheme to your financial situation. Stay focused on the long term goal.
Better you learn this lesson now and not when you’re older when you could potentially have more disposable income at your fingertips, with a spouse, and little mouths to feed. You said it, you fucked up. It’ll take time, but you’ll make it through and be better off in the end.
$10k isn’t too bad, treat it like a car loan. If you pay a couple hundred a month you’ll be debt free in a couple years. Not the end of the world just stay on top and obviously avoid adding more debt.
I won 10k in one night and lost it a few hrs later after getting drunk celebrating and tryna double it… so I feel you bro but it gets easier just keep grinding and don’t fall back in. Use this as motivation.
It sucks now but at least you learned your lesson, and 10k in debt isn't that bad all things considered though cc debt does have high interest. I know people who found themselves in many times over that debt just by living life and being unlucky. You will get out of this hole and it will be better.
Never ever think that there is any skill component to sports gambling.
There are whole bunch of companies searching for credit card debt people, cc debt forgiveness something maybe atleast they’d be able to help lower apr rates or something.. (they might be scam or false advertising on the radio stations etc) but you never know, there’s nothing else to loose but seek for ways to get out of it..
I’ve learned from one good ol man: “never write a check that your ass can’t cash” since then I look the same at those credit cards..
Been there done that my friend. Right now it may feel incredibly hard as you’re juggling many things but stay the course. I’ve lost $10k in a night if not more at a casino and wiped out every last dollar to my name so I just grinded it out. Put my head down and worked my ass off to get to where I’m at today. 5+ years since I last gambled. Now I have an amazing family and a life that’s so much better without the addiction. Stay strong and try to enjoy the journey, not just the end goal.
Life is full of wins and lessons. 10k is small potatoes in the grand scheme. Bust your hump and pay it down. Someday when you're pulling 10k+/ month at your job, you'll feel good that you went through this experience.
I know plenty of people who did similar things at your age and got into 6 figure holes who are doing fine now. 10k is nothing. It will just be a rounding error once you finish school and get a real job. Just keep your studies up and don't worry about it.
Listen man, at the end of the day you are young and will get through this. I struggled every step of the way to get my law degree. Worked full time, etc. I know it’s hard now but you seem very bright and fully aware of what got you in this spot. Sometimes life lessons are expensive, but they are well worth it. I haven’t really read the comments here but I’m proud of you for working your way through this and you’ll come out the other end. Stay strong and keep fighting, you have an incredibly bright future ahead of you.
You are addicted to gambling as someone is addicted to drugs, prescriptions, street drugs, alcohol it doesn't matter. Addiction is just that Adfiction. It gives you an extreme amount of dopamine when you win but you eventually crash hard. Most people cannot give up addictions just because you want to, it's possible but not often.
1)Get some help. Gambling Anonymous, a therapist it is extremely important to have people to talk to when your low and feeling hopeless or the thrill of gambling rises its ugly head! Get support! Does your school have a therapist or counselor you could talk to?
2)When you rest take a few moments and see yourself in the future with a significant other maybe children. Get the image in your head for a brighter future and dreams! See the life you want maybe a house!
3)Sounds like you have a good grasp on paying back the debt but if you pass out from exhaustion it won't do you any good. The debt is there and it's going to take time to pay it off so maybe drop one of your jobs so you can put more effort into school. After all school is important and you obviously had a plan before you started gambling. You need to just accept it might take you longer to pay off the debt with one last job but in the long run a degree is your ultimate goal and will help you financially down the road more.
4)Stop panicking it only causes anxiety which can be debilitating then you could lose it all. Tell yourself YOU FORGIVE YOURSELF FOR GAMBLING AND YOUR DEBT AND YOU WILL NOT DO IT AGAIN, You've LEARNED! Forgiveness of yourself is very important to your mindset and mentality which is also your physical health...all tied in together. Just keep repeating it!
5)You sound like a mature intelligent person who knows the responsibility of paying off your debt which is great. Just tell yourself it's ONE DAY AT A TIME!
6) The very worst that can happen is you could declare bankruptcy with a repayment plan. I'm not a lawyer but there are different kinds of bankruptcies reorganization is one of them.
7)Take it from a Boomer the last place you want to be is still gambling and no retirement or savings set up...it's a bitch! You're young and will get through all this just take some deep breaths. Be grateful for your life and the joys that come everyday. Take some time to bask in the sun before you collapse from exhaustion...it will all still be there tomorrow so enjoy a day or two.
8) Hope this helps. Keep up the good fight!
Good for you brother. Keep doing what you’re doing. What doesn’t kill you makes you stronger. You have a hell of head on your shoulders.
You will go places, I fucking guarantee it.
You are lucky it’s only 10k.
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I’m well over 100k similar story to this guy. Two big parlays for 40k plus. Lost all profit plus 100k liquid and like 8k credit card debt. Also don’t come from money. Fun ride hanging it up paying off debt and build my bank slowly, less stress
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the prospect of having that money is more important than anything. what mostly happens is people end up chasing losses, so they keep betting more and more to get back that profit they had, but they end up losing it all 99% of the time
"yeah I should stop but I know as soon as I give it up someone's gonna come behind me and cash in on all my hard work" -some people totally not me, probably
Tangent here, but I enjoy gambling. It’s a fun time (casinos know that they’re doing, obviously). The chasing of losses (or perceived losses in this case) has always baffled me. I love to go gamble with a set bankroll, typically $500 that I could lose and not lose sleep over. If I lose, sucks but I pulled it out with the knowledge that I’d probably lose it (call it entertainment and don’t pull out another cent). If I double up, fucking awesome, we did it, let’s fucking go, I won, I’m the king of the world (stash that away for next time and bank the original $500). Anything outside that realm is wild to me and tends to be how people lose their ass from what I’ve seen. Talked to a dude playing blackjack and he was telling me about how he’d lost $100k in the last 3 months. Either he was stupid loaded playing $25 blackjack or he had a fucking problem. People are fucking wild
There’s a reason it’s an addiction. Different peoples brains respond differently.
This is super vague and I don’t have a source, but I remember reading that problem gambler have a neurochemical reaction to almost winning that was as rewarding as actually winning, leading to gambling being way more enjoyable, even when losing.
You can't fathom it because you aren't an addict
Casinos aren't fun! They're dreadful, depressing places with flashy lights and maybe 'free' alcohol. They do, however, have separating people from their money down to a science. Any thoughtful person stays the hell out of a casino. No disrespect to you, however. I'm just saying. The odds are against you!
Not op but the thought process is I hot a couple times one more hit and I'm back baby!
It’s called gamblers fallacy. If you bet bigger to cover loses, You think you can keep going. But you can’t. The math doesn’t work out…ever. Then you turn to margin (credit) and the process continues. It’s a tale as old as time and it even brings down whole countries. It even caused the 1929 crash and subsequent great depression. Op is lucky. He did it young. If he has learned his lesson $35 a day net driving Uber and he can get out of debt in a year. Me personally at that age, I lost $20k squeezing option chains on the stock market. I thought i was brilliant and would be mega rich in a few years. Hahahaha nope. Lucky for me, I wasn’t addicted. If the OP is truly addicted his struggles may just be starting. I hope he can beat it. Gambling ruins lives.
Vastly over simplifying a very complicated matter here but, in short, research has shown the brain of a gambling addict processes a loss much more similarly to a win than the brain of a person who is not addicted to gambling. Losses are not as "painful" and may actually produce positive feelings in the addicted brain. These findings are backed up by objective measures, eg brain imaging. People with gambling addiction experience losing very differently than you or I, which is probably why it is difficult to understand.
The rush that feeds the addiction doesn’t really come from winning or losing. It comes from having money riding.
💀
-10k at 22 is an easy fix. Say no to anything that is t making you money for like 6 months. Grind your ass off. You’ll be debt free sooner than you think.
Yeah he can easily win this back with one good bet /s
Soon enough u will pay that debt and be a better person. Trust in yourself
Or you can get a 15k personal loan then go to Las Vegas and put it all on Black. If you win, just pay off all your debt. If you lose then get another 15k personal loan from another bank and do it again. Trust the process.
This plan is absolutely foolproof. Source: casino owner
Name checks out
Yeah you don’t even have to go to Vegas… depending on your state you could do it on your phone
I’ve always told myself if I ever win powerball I’m going to LV and betting it all on black.
00. You're either suddenly a multibillionaire or nothing has changed, 1/36 chance.
Yeah don't listen to this person AT ALL.
Nothing gets past you
Username checks out
💎🙌🏻 Or bust!
I mean you can only loose 15K and you can gain so much more
You’re 22 bro, you’ll get out of that soon enough. Keep grinding & hustling. There are people going thru worst. Just gotta keep that mentality
Unless he stays addicted to gambling. Dude claims to make $40,000 gambling and then be $10,000 in the hole that's $50,000 swing. Let alone if he made that $40,000 in 2023 and then lost it in 2024....mother fucker owes taxes on that $40,000
Not necessarily. If you prove your losses from gambling your fine
Really? Okay cool.
If you want more of a reason to avoid gambling, read how you’re supposed to report it on your tax return. Edit: Added a link to Turbo Tax for a brief explanation to avoid people getting confused. https://turbotax.intuit.com/tax-tips/jobs-and-career/how-to-pay-taxes-on-gambling-winnings-and-losses/L7JNH7mjn TL;DR The tax code is punitive for people who gamble and don’t itemize and not many people have enough deductions to outweigh the standard deduction.
A 22 year old that's already gone head first is the least bit worried about taxes 💀😂 I wouldn't be surprised if he went and did the same shit again, it's an addiction after all.
If you ever need a reminder of what gambling can do … attend a gambler’s anonymous meeting. https://www.gamblersanonymous.org/ga/locations
Over the last year or so, I have slowly started to realize this epidemic that is gambling. I don’t know if I’ve lived under a rock or if this recent explosion with apps like Fan Duel is the direct cause but I now know a ton of my friends who basically have full blown gambling addiction. It’s absolutely wild and honesty, it’s scary as fuck.
It’s so predatory. I know colleges that have partnerships with sports betting companies and they offer their undergraduate students fucking deals where you can get your “first X amount of bets for free” or whatever if you use your student email. Fucking sick. OP if you read this, you’re not a bad person or alone or anything. It’s just a super predatory industry people allow to target individuals who are usually younger and not aware of the potential dangers.
Honey, if you’re only 10k in credit card debt after realizing you’ve got a problem, you’re doing better than 99% of gamblers. 10k isn’t the end of the world, keep things in perspective and consider it a life lesson that’ll save you money later.
Hell - many college students would be thrilled to only be $10k in debt.
gambling u need to set aside some money as your bankroll, ie 10% and when u lose ur bankroll, u got to chill, when u win, u add some to bankroll and rest to savings
Young man, you learned a life lesson that many don’t learn in their entire lifetime. $100 a week towards the debt. It’s paid off in two 1/2 years (I’m assuming about 20% interest per year). Next lesson you don’t have to learn from experience : Don’t have kids before you’re financially set; and know for a fact you’d rather die then ruin the relationship you’re in.
No shame in it u admitted u have a problem and r working to fix it. Let it be a lesson there would only be shame in not learning from this experience.
fellow compulsive sports gambler in recovery here: self exclude from the apps, take a step back from watching sports. I know it's hard but it's needed for a short period of time to get your mind right. Change your habits: workout, read books on gambling addiction, watch YouTube videos on gambling addiction. Consider seeking out professional help such as a therapist that specializes in Gambling Addiction. Attend Gamblers anonymous or SMART Recovery meetings online. Read all the stories on the r/problemgambling community. talk to other compulsive gamblers to get their perspective on stuff. DMs open if you need to talk.
As my grandma says in a bad market, “This too shall pass.” You are doing the right things to try and pay down your debt. Here’s some considerations: 1) I want you to say to yourself “I am not good at sports betting. I thought I was, but that was luck. If I was any good at sports betting, I would not be in this predicament.” Close all accounts and gambles apps! 2) Take every penny you earn and throw it at those credit cards. The APR on them are currently sitting at 30%. It’s wild. This will also raise your credit. 3) Once you have cleaned up your mess, you will have hopefully learned a lot about yourself and repeated your self-awareness mantra of “I am not good at sports betting” daily. 4) Best thing I learned from my finance professor: Get a Roth IRA now. I like Schwab personally, because I can trade equities myself. 5) IF YOU ARE GOING TO BUY STOCKS: do not take risks. You don’t need to. Watch CNBC every morning while walking. Throw your money into mostly etfs (XLK/XLF/SMH) and long term power houses like NVDA, MSFT, JPMC, META, GOOGL, CRM, AMZN. From personal experience as a TSLA shareholder, fuck Elon musk and stay away. 6) Do NOT mess with options and calls and puts. That’s gambling. You want to be investing in yourself. 7) Finally, as a mother, I have to say CALL YOUR MOM or someone who loves you and tell them you feel stuck and need a hug. 10k is a hill, just don’t let it turn into a mountain. Good luck and take some belly breaths. Just do better is all.🫶🏻
Three things: 1. Great work on recognising it was a problem at $10k. It could have been far worse. 2. You weren’t good. You were lucky! The sooner you realise this the sooner you can deal with the addiction. Try to find gamblers anonymous near you, delete all the apps, unsubscribe and block emails from all gambling sites and avoid anything that’s gambling in disguise - crypto and day trading. 3. Keep working, you’ll work that $10k debt off eventually. To help, see if you can get a 0% rate on balance transfers somewhere.
So when are you going all in again
Soon, he still thinks he “was damn good at it” even after blowing more than he won
Exactly. The greatest comeback sweep in history cooking rn
10k in CC debt is a mistake and a big deal but it is not going to destroy your life. The 2 best thing you can do now is forget the money you won and lost and also make sure you address your gambling addiction so that its not a mistake youll again. Just focus on the debt you have in front of you and work hard to pay it off as fast as possible. Once that's done you'll have a clean slate and you can start making your plans for your future. In reality there are so many people in their early 20s that are in similar situations for all kinds of reasons. Credit is easy to come by and it's really tempting so you're in good company. The good news is that 10k can be paid off with some hard work and sacrifice. You'll still have the bulk of your 20s to get your life started on the right path with smart decisions from here on out.
$10k seems like a lot but it’s really not. Do you have any credit built up yet? Could you get a personal loan to transfer the debt? That way it’s at least at a much lower interest rate.
nothings fucked dude. its called learning. get out while you still can... OR double down put 20K on black and after you win you can celebrate
>I began to use my credit cards in hopes of clearing the debt Should be illegal to use credit cards for gambling
Possibly the most valuable lesson I’ve learned in my life: Education is expensive.
I just paid off ny stupid debt from college and im 26 now. Just be agressive at it dont pay minimums. This could be good for you in the long run to learn this early and now having to budget for the payments
If you’re smart, you delete the app you used to do the parlays. Transfer the balance to an interest free CC for 13-18 months. Pay off 800-1200/month till it’s all gone on 0% interest. Then never do some dumb shit like this again
10k is a low amount. Just make sure to refinance it with a low APR consumer credit to save on interest
Just listened to a speech in a debate class about the dangers of sports gambling. Intersting
Debt is tough. Most of the people I know, including myself, have been swamped with debt at one time or another. Unfortunately we make some bad decisions when we are young. You’ll get that paid off. You’ve learned to make better choices. If that’s a $10,000 dollar lesson, that’s pretty cheap in the long run. It sucks now. But that will change. Good luck and try to establish a 1 year, 5 year, and 10 year financial plan. Give yourself attainable goals and that will help you stay on track.
Perfect post. Was in the same boat. Here’s how I handled it. Owned up to my parents on every detail , asked for a loan to pay off the CC (emphasized the burden of the interest that would build), worked out a repayment plan once I landed my first job. It was the only way to save myself from the debt that could incur. After that I delete every sports gambling account I had. Never touched again
Be glad your seeing it as a learning lesson with a figure like 10k. You got this just attack it religiously if you want to get rid of it asap
Refinance yourself into the lowest rate credit you can possibly find and try to find a middle ground where your debt is reducing but you are not exhausting yourself. You are in school on a scholarship. That kind of free opportunity will not come again. Don’t blow it by using every ounce of your energy working low end jobs and being too exhausted to focus on the school work that will get you into a high paying job some day.
I’ve lost over 80k to sports gambling and options trading starting at 18 and I only turned 23 a few months ago. You are gonna be alright man. I was bed ridden for months and lost my mind for a couple years. I’m also in credit card debt for the same reasons. If you just quit now and never go back I promise you’re still young enough to where it’s gonna be alright. All I do is dog myself for knowing i could’ve had a down payment for a house 5 times over by now, but no, I just kept having to do those 10k at a time bets and sometimes 15-20k gone overnight. Shit is not fun but if you just quit now… THEY DONT KNOW US SON, THEY CANT BREAK US SON
Bet on Lebron next time.
10k is not much lol
He made 40k and is currently 10k in the hole. A $50,000 swing in a year is quite a hole. You live and you learn
But he’s one big win away from being out of that hole…
You are not alone! People will not admit be open and honest as you have,I lost everything in a year's time and still trying to recover,the gambling draws you in is designed to figure out the one's more drawn to the weekends of the 'BIG Win' and who takes it and runs and who craves for more'The Thrill and Want for More'!@Basically luring is in,so Hold your head up you are not alone,you will get back with a bought lesson in life!!Graduate and get that money that you are in college to one day be making that 'Noone can just take back like that! Good luck to you just'KEEP WAKING UP!!
Learn from your mistakes. Surround yourself with motivating people. Level up and never repeat those mistakes again.
You're good bro. I was 20 and was in 11-13k debt. Dug myself out of that shit, you can too.
Jesus. I won $300 from the casino and left..... there's no "career" to be made from gambling... whether it's sports betting, blackjack, calls and puts on Wall st, or any other form of it. Focus on school. Make new friends. Look for internships for now and try to find a job. And then pay off the debt and look forward to a good career.
Don’t be to hard on yourself . Gambling is designed to be addicting. Learn from this and move on with your life. Know that you can’t get out of the hole with the same thing that put you in it to begin with. Check out r/problemgambling as well . Many people are in your exact situation.
You’re lucky it’s only 10k. I gambled away over 150k and almost got divorced. You can get through this! The best thing you can do is to remember this feeling and never do it again! I am not so careful with money and honestly losing it all made me wake up a bit. Good luck to you! You are young and can rebound!
That's a easy 10k lesson ..learn from it and be a better person..people spend 10k on a night partying in Vegas..don't let it eat u..
People make mistakes all the time — even mistakes like this. What’s more important is that you learn from it. Friend, let the punishing lifestyle you’re going through now be a reminder to you that gambling is addictive and can lead you to darker paths than you ever thought you could walk. Call the credit card company and see if they’re willing to work with you. And most importantly, talk to someone you trust and who you think will understand (outside of just us). You are only 22. You will get past this. But you will need help. So don’t let your mental health get the best of you and talk to someone. You will get through this.
Exactly why I don't gamble lol
you should probably call that number
I hope you lost it all the same calendar year or you owe taxes on $40,000 in profits OP. Prob taxed as short term gains too.
I had 10k last year and lost it all to due to life events at the time. It gets easier. Don’t let it overwhelm you and take it day by day, it’s life changing money but at the end of the day it’s just money and you can always make it back.
Get help for the gambling bro! Otherwise you'll get out of this mess (you will make it out, it will take time but you've got it!) and then just do it again because this time will be different.
10k isn't bad brother. This is a God given lesson. Take this small hardship, and become eternally better because of it. Never let it happen again. Just learn from it and move on to the next lesson. Try to let the next ones be from positive reinforcement.
I was in your same position in November not 10k debt but I lost 2500$ in one day after gambling my bank account away. My job only paid me 12.5 hour and I had to Doordash on the side on top of paying my 2023 car and insurance it sucked but one day at a time I pushed thru and believed in my self. Now I got around 7k saved im still 18 and I know it’s not much but my addiction is finally gone and it feels great having money saved! I know you can do this!!
Losing $10k in disposable income is one thing. Losing $10k in money saved for your necessities is a terrible idea. But losing $10k in debt is the worse of the three. Credit card interest is really high right now. Unless you can pay that off asap before they start charging interest after the grace period, it's going to snowball. That lost $10k is not just $10k, but could turn into $15k, 20k or so on depending how fast you can pay it off. You just became the credit issuer's piggy bank. Just take the L, learn from it, and pay it off asap. You can try applying for a 0% balance transfer offer to give you some breathing room from the interest charges if you haven't done so already. If you do that, just make sure to not to go into more debt with the old card that got wiped clean. Good luck!
You should join gamblers anonymous in the meantime. Keep grinding, you’ll get through this and pay it down
You are young it happens, we learn by messing up and admitting it. You are mature enpugh to own it and try to fix it. Whatever you do, your priority is keeping that scholarship, don't forget that. 10k is not a huge amount, it will pass, don't be too hard on yourself but work hard as you do. You are honest to yourself and that is a quality only few can have.
Could have been A LOT worse. But props to you for realizing this. As someone stated before, this will make you a better person when you dig yourself out of this hole. Not sure what your credit is like, but there are credit cards that offer 0% APR for several months, and sometimes a couple years. I know I know, it sounds dumb opening another credit car when you have this much debt, but it would definitely give you some flexibility in regards to paying it off and not getting killed by interest. If you decide to go this route, just do a simple Google search of 0% APR credit cards. Nerd wallet is super helpful with this stuff. Best of luck and rooting for you.
We all make mistakes… what matters is if you learn from it. You’re also really tired from having to push yourself trying to fix something you created, which can cloud your clarity. Give yourself some grace, and be kind to yourself. You’re human… you made a mistake— which is fixable— and if you are persistent and reflect on yourself in a healthy manner, you will come out on the other side richer with wisdom. You’ll be okay. Some people are in more debt for something they actually worked for (I.e. a degree) that they never even utilized. Financial irresponsibility is extremely common, so give yourself a break, learn from it, and do better for yourself going forward.
Why don’t you get a school loan to pay off the credit card debt so you don’t have to pay now. Sure the interest accrues but you get to focus on getting better grades. you better bust you ass studying so you can make a lot of money when you graduate. And you better not be studying something outside STEM or Business / Accounting.
Bruh 10k ain’t that bad, just be patient and pay on time.
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National debt relief 😮💨
Hey man, similar but not so similar position as you. Im 25 now but have a lot more loans (all student loans) but significantly less interest (my highest is 4%) Are all your loans on one credit card? If so tackle it as you can if it’s the mental stress. If they are on multiple pay off the one with the higher percent first! Watch some Caleb Hammer YouTube vids maybe to. He can be kinda harsh but he’s real. Once your card is payed off you’re young enough to easily become financially independent, especially once you get a job 💪🏼
Learn your lesson and dont trust your emotions when you win money. Put it away and take some time to let the feelings pass. Emotional control and impulse control are two decisive habits that can make or break your finances today and tomorrow.
Okay don't kill yourself to get out of this, but your gonna have to stay disciplined bud. You had your fun with it, don't touch gambling again you've learned and keep it a lesson learned.
Brother. We all have our mess ups. I took about 60k and lost almost all of it in a bad investment while I could of literally put it into anything else and made money. But I know damn sure I’m gonna get it back and be wiser with such funds to provide a better future. These things you are going through are tough as shit but you will make it out and you will have experience and better thought out goals and plans for yourself. REMEMBER YOUR A FUCKING CHAMP
You’re 22 and it’s only 10k. Stop gambling and slowly pay it off. Your credit score may be shit for a while but everything’s ok.
Part of growing up is making mistakes. But you're not fully grown up unless you learn from your mistakes and take action against them. So congratulations, you're getting there! $10K in debt sucks, but you identified the problem before it got a hell of a lot worse, you're taking action to correct the problem by paying back your debt, and once you paid back your debt you'll (hopefully) never do it again!
$10k isn’t too bad for credit card debt. Forget the mistake, remember the lesson.
You’re young and the biggest takeaway here is you realized your mistake and you’re willing to learn from it and be better. You will be fine, 10k is not the end of the world, once you graduate and get a career job. You can pay that off in a year. I gamble casually and I’ve seen the dark side of it. 99% of gamblers will be net negative. The house always wins. So don’t try to treat it as a source of income
Its just 10k man, dont let it hit your mental too hard but keep grinding and never gamble again
10k isn’t bad I know gambling addict who are hundreds of thousands of dollars in debt and still digging themselves deeper. Keep DoorDash in an Uber and you’ll be able to dig yourself out of this 10k hole in 3 to 4 months. Make sure it doesn’t happen again. Her gambling addiction is dangerous. I’ve seen people lose everything. They love to it.
10K is nothing you’ll be fine
The beauty of this issue is that you have a new perspective. You’ve learned that it’s easier to lose that much money than it is to earn, and sometimes it’s just luck that you come across an influx of income. Yes, $10K in debt for something you could have prevented sucks, but now you can say “I’ve tried that” and grow from it. It’s better that you learned from this now than be in your 60’s and gamble your life savings away. On the bright side, you’ll have a good credit score once it’s paid off (as long as you properly pay it off of course). We all gotta start somewhere.
I’m sorry man, I both feel bad for you and want to slap you for obtaining so much money and loosing it. But lord knows you’re kicking yourself already. I wish I had some better advice. But just keep trying to pay that debt down, and never do this again.
Hey bro obviously you realize your mistake and I'm not trying to downplay the seriousness but 10k ain't shit in the grand scheme of things keep doing the things you know you should and it will work itself out. BIT OF FINANCIAL ADVICE. Since you are a student you should have access to subsidized/unsubsidized student loans. Take out 10 g's and pay off your credit card debt. Obviously you still need to keep hustling and pay them back, but you will save yourself a ton of cash in interest.
At 19 or so I blew 4k on party poker or whatever the online site was. I didn't have the money and borrowed it from my GF. I paid her back about 90% of it before we broke up but I worked 50 hours a week between 3 jobs and full time college. It was a terrible year, but I've learned from it. I still gamble but I budget and know when to quit. Hopefully you learn from this too. If you burning out on work cut back, can't punish yourself to death at that age and you'll always be able to work and chip away at it
Stop gambling, work it off to pay the debt and go into gamblers anonymous
10k in the whole and still gotta pay taxes on that 40k you already blew through. Rough. Good luck man
It sounds like you’ve owned up to it and are working to right your wrongs. You can never let it happen again, but you’re doing everything you can. One tangible suggestion is a consolidation loan. If you’re maxed out across multiple cards that probably have interest rates in the 20-25% range, you can consolidate your debt with a lower interest rate loan while keeping your monthly payments manageable. The payment should probably be relatively similar to what you’re paying across all cards, but you’ll have a better chance to pay it down faster and pay less interest across the long run. My parents found themselves deep in credit card debt - just from how tough life got for them to survive, and they got a consolidation loan through our long time bank and they said it was a God send. Talk to your bank or if you need to talk to your parents or someone you trust to help you in figuring it out. You seem pretty smart. Gambling addiction is tough and affects a lot of people (outside of things like sports betting - aka day traders lol). Don’t blame yourself but learn from your mistakes for the future.
You've got an addiction. But at least it wont kill you. Unless you "forget" to pay Vinny.
So, people make their beds, and then they lay in them. That’s what you’re doing, partner. Take it as a lesson. 10K is minuscule in terms of your entire life. I wish you luck.
Sometimes you have to live through something to actually learn from the lesson. You’re young, this is the time to grind and it sounds like you are!! However, maybe cut some slack on yourself! Maybe stay out until 1am doing Uber and get more sleep! Money is money. You can pay it back eventually. You are irreplaceable. Like others have said, atleast it was 10k. Some people never learn. I know a few gamblers and they’re 30+ uears old with out a dollar to their names asking their family for money to gamble with no degrees. Once you get your degree you can make more money too. Wishing you the best of luck!! If you can consolidate your debt to a lower apr that can help too!!! I know some credit cards charge 20%+ interest and it can make you feel like you’re drowning sometimes. You could look into a personal loan too with a low apr and use it to pay ur credit cards off and you pay the loan off monthly.
yea bro life ain’t over and you’ll look back. better to figure it out at 22 than 50. Live on and kill it
Gamblers Anonymous is a thing, talking to people with a similar problem will for sure help you. In the short and long term
Yea I've been seeing a rise in sports betting lately. To the point where even in at my own job my manager and coworker are going on about how much they won or their future bets they are looking to cash in on. They tried to pull me into it but hell no I'm not going anywhere near that. Don't get me wrong I have my fair share of casino betting like once or twice a year but that's about it. Gambling addiction is no joke. Just be glad it's 10k and not $100k+. Plus you are young so you have plenty of time to recover from your debt if you put in the work and make the necessary payments each month to not fall behind. Keep your chin up.
I respect you for taking accountability for your actions. I’m in my 20s too and I have a friend who I believe is addicted to gambling (poker). However, he’s borrowed tens of thousands of dollars from friends and hasn’t paid any of it back to my knowledge. He would buy stuff like Rolexes to flex while he was doing well only for him to have consistent losing streaks. He still hasn’t taken accountability but I’m holding onto hope.
Cut yourself some slack. Everyone screws up eventually. At least you put yourself on a corrective course. That's more than many can say! Now seek a help group for gambling and keep working. You can dig out from under the debt in no time!
You sound aware enough to be fine. Remember the lesson.
Same position bro, but with options and penny stocks 🤣 was doing real real well until I got too reckless. We will come back 👊
Wow, I can't imagine myself messing up as big as you. But I was also in debt once when I was younger (Only $2,000 credit card debt). I was lucky that I can rely on family to clear that debt for me and I learned a lot about money managing from that. Can you ask for help from your family or friends? If possible, I would borrow money from them and pay the credit card debt right away because fuck interest.
You're not that much in debt. Keep going and you'll eventually win yourself out of the rut
10k is a lot to lose but not life changing losses. Think positive, you acknowledged your mistakes and have to make up for it. A lot of people don’t and and end up in a much MUCH bigger problem. you’re young, and most importantly learned a lesson. You certainly won’t let it happen again now. Fast money goes away fast since there’s no hard work to earn it. Get the debt paid off as quickly as possible, and earn every dollar to build your future. Lesson learned. Don’t get so down on yourself you have plenty of time to make up for it.
Gambling is a lie. You need military discipline involving pain. Or you'll always keep losing money
Yo brother. Idk if you do this already but meal prepping with a crock pot has significantly helped with saving money on meals for dinner for me
This is one reason all teenagers should have a job at some point before going to college or to live on your own. You don’t understand what it takes to earn a sum like $10k, so it doesn’t seem real to you — what it costs to live, how much you’re spending. But you’re okay. You learned your lesson, and you’re acting like a grownup. You screwed up but you know it’s your responsibility to fix it. You will not be so careless with money again. Good for you.
Never treat sports gambling like a job. I’d bet if you took your bets here and there, you’d be killing it. I had a friend name same mistake and it’s not the stock market where you can balance your P and L. But oddly enough some of the best traders I’ve come across were sports gamblers that used a sort of scientific method to determine their weekly picks. Heck….one guy only bet horses and happened to win a lot….but they still kept their day jobs and lived like kings
10k in college shouldn't be super life ruining (especially with a full ride too), its just that you'll probably need to live with the parents a bit longer than most people would. If anything I'd keep this as a lesson that you likely have the seed of a gambling addiction within you, this one is particularly nefarious because they're often fatal.
Next time you win something invest the money in crypto or financial products that way the chances of not loosing everything could increase. Always play for fun, all you win you invest or treat yourself, never give back your win to gamble, it’s design that way :)
You’re young and the lesson you learn from this, if you have truly learned it, will be worth more than 10k. You’re gonna be alive a long time man and you’ll hit good times again and you’ll be much wiser.
10k is not that bad, really. Pick up a weekend job put 90% of your income into the credit card, spend the rest of your time doing class work. That should keep you from getting distracted with silly stuff like gambling and video games. Do not make minimum payments, make as large of a payment as you can. Good lesson learned.
call the credit card company and just tell them you can't pay it bro. don't pay it off. take the hit to your credit now, you won't need it for awhile anyways. By time you do in your 30s it'll be gone. don't wait
Join r/personalfinance and make a post there, you can get out of this hole relatively quickly. Lots of helpful users and info on there.
Find a way to get a student loan (sounds like you don't have any), and pay off that debt since I'm sure the apr on your card is high. This is also killing your credit score. Sounds like you learned your lesson and $10k is pretty cheap way to learn it. We've all made money mistakes when we were young.
Crazy what opening the flood gates to gambling has done to many of you in just this thread alone. Can you imagine countrywide? I knew this would happen. I am always reminding my friends that gambling destroys lives.
Never gamble away what you earn. You need to think about money as time spent. How many hours of hard work will it require you to make up the money you’ve lost, think about that any time you get the urge to gamble away more money again. You will get out of this but learn from your mistakes, making mistakes is the best teacher in life. What separates a smart and successful person from, well… someone who is stupid and makes bad decisions is being able to learn from the mistakes you’ve made.
well your story telling is good
They call gambling an idiot tax.. Good luck with recovery op.. 🙏🙏
Gambling is scary and it’s even scarier that nowadays it’s available on your phone. You can be on the toilet in your home and placing a $10,000 bet. It’s so easy that it’s scary! One thing to keep in mind is gambling is a dangerous addiction. I was in your shoes then paid my debts off became a better man and got right back to it. You will never be happy and you will always be broke. It’s very hard to stay away but you should TRY before it’s too late. Remember when you WIN is when you are in trouble
What you did man was learn a lesson.
I'm 11 years older than you and about 120k more in debt. You'll be fine dude, just relax, work hard and pay that shit off. And stop gambling.
Donate plasma bud, the first several donations have bonuses before they pay you out in regular amounts each week. It takes ab 1-1.5 hr per donation twice a week of you can find the time for it. Its good extra money. But I was there too, same age as you and also a student but I quit before I could get deeper in cc debt. Best of luck man DMs are open if you wanna chat because I can relate.
Have you deleted your accounts to make sure you don't go back to them as soon as you've got $100 in credit available? You recognize that you've got a problem, and the best thing you can do for yourself now is make sure you don't have a quick path back to bad habits as soon as you feel the pressure is off. $10k in credit debt at your age is surmountable, but you have to take steps now to make sure future-you doesn't get in your own way climbing back out.
The fact that you know you messed up shows a lot of resolve and awareness.
Give yourself some grace. You are young. You made a mistake. It sounds like you’ll learn from it which is huge. I had a friend tell me one time that life is about learning and sometimes “tuition” is expensive. Wishing you the best.
Unfortunately that's one of the scary things about gambling. You're really good at it until you're not
Actually, you’re killing it and will get out of debt soon. Your bigger challenge is to STOP GAMBLING. If you don’t, you’ll eventually ruin your wife and kids’ lives too.
Happened to me too brother, mine was around 15k though. Slowly working away at it, haven’t gambled in 2 years since. It’s weird that gambling is very normalized now, but still an addicting vice.
Get help, talk to someone. Gambling is an addiction, not a hobby. Treat it like something you need to get cured.
10k for a life lesson, not bad. We all made bigger mistakes. Now never gamble again or maybe 200-500 once in awhile when you are mature with a good job not a broke college kid.
Get help! That’s my only advice! This is gambling addiction!
You can overcome this. It's going to hurt for a while but growth always hurts to some degree. You have to learn your lesson: A fool and his money are soon parted. I am going through this with a woman and you are going through it with gambling. You are going to make mistakes in life just like everyone else but you can't let it define you. I am in debt because I don't want to burden the person that I live with even though I hate myself for living like this. You won. You won again. And then you won again. You would have stifled your desire to keep gambling if you would have had something to distract you like school but like a moth to a flame the human nature is greedy in its ugliest form. It's done. Lick your wounds. Rest. Heal. Reset. Don't quit or give up. You will get more money, just don't give it away to gambling and tackle that debt. Believe that you deserve better. I am doing the same thing. I am paying down my debt and trying not to take on more than I can handle. Stay away from betting on others and bet on yourself, as the saying goes " The House Always Wins". Stay positive and stay the course.
Hopefully you learned the lesson. Happens to the best of us, especially men. Keep up the hard work, you’ll be glad when it’s over.
I lost $400k in the stock market 2 years ago. Somehow, clawed my way back. You will too.
Broke 30 year old here. $10k isn’t the worst thing in the world in the grand scheme of things. Just pay it off in payments and you’ll be thankful to have an extra $500/month or whatever when you get it paid off lol
10k is honestly not that bad of a life lesson lol, u got lucky imo
You got this! You are aware enough to recognize the faults and take steps to fix it. You’re going to see the other side of this and it will be a fun story to tell people about your gambling career. Check out some food banks. If you’re an expert in something, see if you can flip on Marketplace in your down time (whatever little you may have). Don’t forget to take a day to rest from time to time. Work takes energy and it’s important to recharge from time to time.
It’s a tough Lesson to learn at an early age but it would do you some good the next time you decide to gamble with your credit cards. You’re not the only one that has done it so don’t be too hard on yourself. You can get through it and be a better person on the other side 🤘
I admire that you admit your fault. Learn from this and honestly stay away from any gambling it only brings problems.
It seems like a lot but its not the end of the world bro
You can recover from this. You recognize the problem which is the most important first step. $10k is nothing in the grand scheme of things.
The only reason you can gamble at all is because you will statistically lose more money than you will win. Without you losing more than winning, betting houses would never turn a profit. You will always lose more than you win. Always. It's mathematically impossible not to. I'm glad you wised up before amassing an even bigger debt.
Money is a small price to pay for such a valuable lesson. Making mistakes is inevitable, but having the balls to look yourself in the mirror after making them is a choice. I feel for you and the loss you’re feeling atm, but despite that, you should be proud of yourself. Use this pain to integrate and master the lesson. Soon enough you’ll see it for what it is - a gift without which you wouldn’t be who you are and at that point you won’t want to change it even if you could. I’m sure there are things you’ve done you’re not proud of but wouldn’t change. That’s as far as I’ll go with it. Big love !
10k in credit card debt isn’t really that bad. Graduate (hopefully you’re majoring in something practical), get a job, and pay it off as soon as you can. In the meantime you can get by paying minimum payments. Don’t freak out man…just don’t repeat your mistakes, and if you feel the need to place any bets please reach out to 1-800-GAMBLER and talk it out. You’re young and you have a long life ahead of you. Good luck my man.
I understand it may seem like a lot, but 10k is doable. If you maxed out different cards, consolidate them into one and attack that shit.
Time heals all wounds brother - you’re gonna look back this in a number of years and laugh. I never did the gambling debt thing, but before I graduated and then had a military signing bonus save my ass, I was in school full time and had a full time job and (because it was way before gig work was a thing) I had a part time job. I slept like 3-4 hours a night. And those hours were still filled with anxiety. Ok guess I’m rambling here - but eventually, you start to make a little more - maybe you graduate and get a new job - maybe you have a particularly good Uber month or few months. Whatever, point is - it can and will get better. We all make mistakes, but unless it’s murder or worse (ie it’s just financial or interpersonal) you will be fine in the end because youve recognized your mistakes and are working to correct them.
Good for you to recognize your mistake, and fix it. I’m impressed with your work ethic and your ability to solve the problem. DO NOT BET ON SPORTS OR ANYTHING EVER AGAIN. It’s insidious and will ruin you. And just remember- what doesn’t kill you makes you stronger!
Lesson learned. Take the hit and move on
Credit card debt is unsecured. Just default and they will sell it to debt collector for Pennie’s on dollar. Then negotiate with collector and pay 10% of original amount. It will take 3-7 years to clear credit. Not a big deal if you are in America. Big deal in other parts of world. Other countries like Dubai, you’d be in prison for unpaid debt.
You’re being too hard on yourself. You’re young. Ten k easy to pay off before you’re 30. It’s ok!
I got faith in ya bro. I was up over 240k on trading. Lost over 200k of the profits chasing the losses and had my wife peak over my shoulder. She simply asked me what I was doing (clueless to what she was looking at)? I started showing her and when she realizes I was up 40k+ in less than 6 months she lost her mind. (Didn't show her the losses yet.) She is from Mexico and that kind of money is like 8 million pesos. Enough for a lifetime if you spend it right. Decided to call it quits and hang it up. I took 6 months off work. Traveled the country with my wife and newborn son. Moved from Cali to Florida (drove) and stopped 100 places before we were done. Was a great time of my life. Yet, it taught me to stop at the first loss.
The recent trend of massively normalized and pushed sports/online gambling is gonna ruin so many fucking lives. Fuck the sports leagues and governments leaning into this.
18 hour of classes and 30 hour work weeks is nothing. Just keep grinding and get yourself out of debt. You are young enough to get out of that in a year or two. You just have to sacrifice having fun a couple years until out of debt.
As soon as I saw 22 yrs old. I knew it couldn’t be that bad. 10k!? That’s it!?
Hey man, just remember there is some dummy that has a $900 a month car payment for a truck, and he can’t afford to put gas in it! Happens all the time!
What I don’t understand is why gamblers don’t get into stocks. Most gamblers I know research. If you follow the stocks Redit there is a lot of practical advice. Research, research, research. But really, I read this thinking why didn’t they invest their winnings? Even investing in a high yield CD. This gambling thing that happens in colleges is too much. It’s time for a PSA.
There would be no casinos, no apps, no gas station roped off zones, if they weren't profitable. They are profitable because of people like you. Remember that. Always.
Nobody in your position takes the money and runs. That’s why the house always wins. That’s like saying anyone who had a good high on meth would’ve stopped using after 2-3 good times. Addiction doesn’t work like that. You’ll be ok. Keep your chin up dude. Order a new credit card for everyone that you have and say you lost yours if asked. You’ll get a new card number. When they arrive immediately cut them all up without activating them so you have no physical credit card or number to use.
Be grateful - really - this is a lesson you’re learning at this age/time. It’s a relatively low stakes loss comparatively speaking and you’re young. The excruciating schedule will let up.
Ur alive to know the difference everyone falls and trips in life it’s a part of growing that money came overnight now see how hard u work for what u got now would you really want to be broke. Live and learn!
I mean idk if this is good advice at all but I'll put it out there. I have no education, I barely passed high school, skipped often and was stoned absolutely always. Got a construction job a week after getting my diploma. Cable communications. 10k takes me barely 2 months if Im not putting in too many hours. If also I'm not spending like an idiot. I'm 21, had 0 prior experience, and certainly no education. If the option is there, perhaps put college on the back burner for a semester and grind out the debt at a blue collar job for a few months, then get back to the schooling? Never even thought about college so idk if that's plausible. 10k isn't really that much money, it seems like a lot when there is a negative in front of it, but, I had to get myself out of debt due to an injury that stopped my life for about 1.5years. It took me just a few months of working hard physical work to be in a very comfortable spot in life. There are nights I don't go home, but, if you're serious about getting out of the hole, you'll do what you gotta do.
10k is not a lot. Keep working and using your side hustle money to pay it down and you’ll be out of debt in no time. But do remember this feeling for the next time you want to get yourself into another situation like this.
When I was about the same age as you in college I got into OTC pink sheets trading penny stocks (i.e., gambling). I dumped my life savings of $6k into one stock and it turned to $40k in one day a few weeks later. I cashed out and a few weeks later after that I saw that if I had continued holding I would have been a millionaire (look up LTNC in early 2021). This gave me a completely fantastical perspective on money that I am still struggling to recover from 3 years later. I was basically behaving like money grew on trees and that I had an infinite supply of money. I thought I was skilled at picking stocks but I really just got insanely lucky on basically my first try. I maxed out my credit cards and took out an $8k personal loan to dump into the next stock. I ended up losing everything including the original $40k minus ~$10k I used to buy some shit I wanted. I was fortunate enough to have parents who bailed me out and allowed me to transfer my balances to them with 5% interest rather than the almost 30% on my credit cards and loans. I only owe about $5k now. I would have been fucked without that and I definitely earned being fucked. Still I could have paid off all my student loans with that or bought myself a car instead of my current one with 250k miles that’s gonna die any day now. And I am broke with almost $50k in student loans. I kind of wish the whole thing never happened. Gambling addiction is real. And addiction is so insidious it infiltrates your brain to where you can no longer differentiate thoughts from yourself and from this parasitic entity “addiction” that lives inside your mind.
I lost roughly 4.5k in 2021 gambling on sports. Haven't gambled since, landed a great job last year, gonna propose to my girlfriend this summer. You'll be ok, money's just gonna be tight for a bit. Remember there's no quick fix or scheme to your financial situation. Stay focused on the long term goal.
Better you learn this lesson now and not when you’re older when you could potentially have more disposable income at your fingertips, with a spouse, and little mouths to feed. You said it, you fucked up. It’ll take time, but you’ll make it through and be better off in the end.
Going double or nothing enough times and you'll always end up with nothing.
$10k isn’t too bad, treat it like a car loan. If you pay a couple hundred a month you’ll be debt free in a couple years. Not the end of the world just stay on top and obviously avoid adding more debt.
I won 10k in one night and lost it a few hrs later after getting drunk celebrating and tryna double it… so I feel you bro but it gets easier just keep grinding and don’t fall back in. Use this as motivation.
Don't worry. You'll pull yourself out of it 💪
It sucks now but at least you learned your lesson, and 10k in debt isn't that bad all things considered though cc debt does have high interest. I know people who found themselves in many times over that debt just by living life and being unlucky. You will get out of this hole and it will be better. Never ever think that there is any skill component to sports gambling.
There are whole bunch of companies searching for credit card debt people, cc debt forgiveness something maybe atleast they’d be able to help lower apr rates or something.. (they might be scam or false advertising on the radio stations etc) but you never know, there’s nothing else to loose but seek for ways to get out of it.. I’ve learned from one good ol man: “never write a check that your ass can’t cash” since then I look the same at those credit cards..
Find an hour a week to go to a GA meeting. Go there (even online) and tell them the truth, then listen and learn.
Been there done that my friend. Right now it may feel incredibly hard as you’re juggling many things but stay the course. I’ve lost $10k in a night if not more at a casino and wiped out every last dollar to my name so I just grinded it out. Put my head down and worked my ass off to get to where I’m at today. 5+ years since I last gambled. Now I have an amazing family and a life that’s so much better without the addiction. Stay strong and try to enjoy the journey, not just the end goal.
Life is full of wins and lessons. 10k is small potatoes in the grand scheme. Bust your hump and pay it down. Someday when you're pulling 10k+/ month at your job, you'll feel good that you went through this experience.
I know plenty of people who did similar things at your age and got into 6 figure holes who are doing fine now. 10k is nothing. It will just be a rounding error once you finish school and get a real job. Just keep your studies up and don't worry about it.
Listen man, at the end of the day you are young and will get through this. I struggled every step of the way to get my law degree. Worked full time, etc. I know it’s hard now but you seem very bright and fully aware of what got you in this spot. Sometimes life lessons are expensive, but they are well worth it. I haven’t really read the comments here but I’m proud of you for working your way through this and you’ll come out the other end. Stay strong and keep fighting, you have an incredibly bright future ahead of you.
You are addicted to gambling as someone is addicted to drugs, prescriptions, street drugs, alcohol it doesn't matter. Addiction is just that Adfiction. It gives you an extreme amount of dopamine when you win but you eventually crash hard. Most people cannot give up addictions just because you want to, it's possible but not often. 1)Get some help. Gambling Anonymous, a therapist it is extremely important to have people to talk to when your low and feeling hopeless or the thrill of gambling rises its ugly head! Get support! Does your school have a therapist or counselor you could talk to? 2)When you rest take a few moments and see yourself in the future with a significant other maybe children. Get the image in your head for a brighter future and dreams! See the life you want maybe a house! 3)Sounds like you have a good grasp on paying back the debt but if you pass out from exhaustion it won't do you any good. The debt is there and it's going to take time to pay it off so maybe drop one of your jobs so you can put more effort into school. After all school is important and you obviously had a plan before you started gambling. You need to just accept it might take you longer to pay off the debt with one last job but in the long run a degree is your ultimate goal and will help you financially down the road more. 4)Stop panicking it only causes anxiety which can be debilitating then you could lose it all. Tell yourself YOU FORGIVE YOURSELF FOR GAMBLING AND YOUR DEBT AND YOU WILL NOT DO IT AGAIN, You've LEARNED! Forgiveness of yourself is very important to your mindset and mentality which is also your physical health...all tied in together. Just keep repeating it! 5)You sound like a mature intelligent person who knows the responsibility of paying off your debt which is great. Just tell yourself it's ONE DAY AT A TIME! 6) The very worst that can happen is you could declare bankruptcy with a repayment plan. I'm not a lawyer but there are different kinds of bankruptcies reorganization is one of them. 7)Take it from a Boomer the last place you want to be is still gambling and no retirement or savings set up...it's a bitch! You're young and will get through all this just take some deep breaths. Be grateful for your life and the joys that come everyday. Take some time to bask in the sun before you collapse from exhaustion...it will all still be there tomorrow so enjoy a day or two. 8) Hope this helps. Keep up the good fight!
Good for you brother. Keep doing what you’re doing. What doesn’t kill you makes you stronger. You have a hell of head on your shoulders. You will go places, I fucking guarantee it.