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The second most incompetent thing you could do is to leave the money in savings and not pay off the card. ..the first was spending 3k from a cash advance

I lost $5 on penny slots at a casino recently and felt like a complete fool.

when the table limit is $20k,   there's still plenty of money to be made.....

Agreed. Paying over 20% total interest is just plain stupid if you have it ready to pay. Personally 5% is my break point for a year loan.

 

Do yourself a favor if this becomes a regular thing....Get a Barclaycard Ring.

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So with the above being said, I took out a 3k cash advance on my capital one credit card, gambled and lost it. I have 10k in my savings account. However the thought of touching a dime in my savings is completely devastating to me. I know it doesn't make sense to you guys however I would rather just pay this off over the course of 12 months out of my regular paychecks, yes interest will be involved, and yes I don't mind paying it, I just refuse to touch my savings as it has taken me 18 months to get it to where its at.

 

 

I can so relate to this.... at 3% cash advance fee plus 28% interest would been a catalyst so PIF ASAP...... maybe pay it in 3 or 4 months instead of 12 months... you will still pay interest but will mitigate SOME of your loss....

 

FWIW, this is why I keep a DEBIT card.... I am a semi-regular gambler.... when I go to the casino, I take nothing but my license, lipgloss and that debit card.... I get XX amount deposited into this, my "eff-it" account weekly.... when its gone, its gone.... no way for me to go overboard ( and trust me I MAJORLY lack self-control)

Best use of a debit card. Did the same myself last time in Vegas and didn't use my whole kitty. i won and walked away!

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I lost $5 on penny slots at a casino recently and felt like a complete fool.

 

When your playing slots for entertainment, the money shouldn't matter that much as you can just take it as a night out.

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The cognitive dissonance is strong.

I'd argue that is not the case here, the ease of slipping into carrying a balance, defying all logic might better suggest a reversion to the mean.

 

 

I suppose you're right. However, OP is uncomfortable with paying his debt with his savings at 0% interest and then replenishing the savings monthly vs the alternative of paying his debt with earnings at 27.99% interest and keeping his savings in tact.

 

In any case, a horrible line of reasoning.

Edited by almostanonymous
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Ive never understood why people would want to pay interest on a credit card - especially at the levels for a cash advance - and not pay it off the second they have the ability to. You have $10K just sitting there...even after paying it off you'll still have $7K left. How long it took you to build that fund up is irrelevant.

 

Im not a huge Dave Ramsay follower, but Ive listened to his shows where he tells people that doing dumb things with money is what he calls a "stupid tax". This is one of those times. You made a foolish mistake by running up a large cash advance on a CC despite the fact that you had funds available to you in another account. Dont compound the mistake by charging yourself a whole bunch of interest simply because you don't want to touch money that is available to you in another account. Instead of paying interest and paying back the debt with your paychecks, pay off this debt in full right now and pay your savings account back with your paychecks.

 

 

for me, its about having that certain BALANCE in that account at all times.... and though it may not make financial sense to others, Id pay some interest on a CC to avoid going below that balance....

 

example, I had a major plumbing issue last month...cost $8000.... my "emergency fund" is supposed to be at $17000... its "only" $14000.... the thought of taking $8000 out, leaving me at only $6000 SUFFOCATED me...I was literally in panic mode.....so yes, I took out a loan.... at 3.9% but still... I MAY pay it off early.... I may be temporarily out of work soon so it depends on how that plays out... in the meantime, paying interest allowed me to hold onto CASH which gave me security... yes, Im losing money.... but that's the cost of MY security....

 

 

I have carried a balance before, even when I had the cash to PIF, if PIF meant my emergency fund would be severely depleted. It's a balancing act to try to pay down debt while also trying to have liquid funds for security. I look at the APR I'm paying, what my util is, the amount I would have left in my savings, and how long it would take me to pay it off with regular payments (that were many multiples of the minimum payment amount). Job security would also to be something to take into account.

 

However, in I were in this situation, I would PIF immediately.

 

Edit: If I were in OP's situation, not Tee's.

Edited by Second Chances
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Or poker.....poker will get you every time. Especially if drunk.

 

I seriously doubt OP found his way to a poker table. I bet OP was throwing dice.

Roulette seems to be the one I see groups of people play and some get slaughtered.

 

"No way black can hit 5 times in a row"

Edited by Konrad2012
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Thanks for all the advice, and as I can tell the consensus is to PIF which is what I did so its behind me now. Also the game of choice was Bacarrat. Btw, no one actually answered if I would recieve any adverse action over carry a CA balance over a year, just curious about that one.

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Thanks for all the advice, and as I can tell the consensus is to PIF which is what I did so its behind me now. Also the game of choice was Bacarrat. Btw, no one actually answered if I would recieve any adverse action over carry a CA balance over a year, just curious about that one.

Based on the limits in your sig, it very well could have led to AA.

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I didn't feel bad at all taking a CA on my Ring card in Vegas. I only carry one Debit which is my Discover Checking.

I did this too, Christmas before last, on my Ring card. But, I only took out $300 and left the card at home... came back with $75 :grin:

 

Sam's Town, in Tunica. My favorite place!!!

 

I want to know which Casinkhole the OP went to?

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If you want to play at casinos:

 

  1. Learn statistics.
  2. Calculate your expected loss based on how much and often you intend to bet.
  3. Calculate the standard deviation of your stash given the above and probability of blowing your stake.

 

After doing that you probably will decide a casino is not as much fun as blowing the money some other way.

Doing steps 1-3 means you probably have the skills to get a good job so it's not all negative.

 

Basic rules if you aren't statistically inclined. The more you play the higher the expected loss. Expected loss on a line bet is $0.14 per $10. Just multiply that by 25 and the number of hours you are playing to get your expected loss. Your actual pile will be roughly a statistical bell curve centered on that. If you want to maximize your chance of coming out ahead make a single, don't pass, bet. Then leave. But really, how much fun is that?

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I didn't feel bad at all taking a CA on my Ring card in Vegas. I only carry one Debit which is my Discover Checking.

I did this too, Christmas before last, on my Ring card. But, I only took out $300 and left the card at home... came back with $75 :grin:

 

Sam's Town, in Tunica. My favorite place!!!

 

I want to know which Casinkhole the OP went to?

 

 

I took out $1,000 and made payment from the hotel the next morning. ;)

 

I like to find high odds VP and play slow and strategically. It earns freeplay and comps used to pay for part of the suite. :D

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I didn't feel bad at all taking a CA on my Ring card in Vegas. I only carry one Debit which is my Discover Checking.

I did this too, Christmas before last, on my Ring card. But, I only took out $300 and left the card at home... came back with $75 :grin:

 

Sam's Town, in Tunica. My favorite place!!!

 

I want to know which Casinkhole the OP went to?

 

 

I took out $1,000 and made payment from the hotel the next morning. ;)

 

I like to find high odds VP and play slow and strategically. It earns freeplay and comps used to pay for part of the suite. :D

 

 

Exactly! :good:

 

If you do it right... free rooms, free food, free drinks, free live music, and smoking allowed everywhere!

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