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Really great advice.

 

I'd chime in, if someone came to you today and said hey, I have special account absolutely guaranteed to pay you a 27.99% return on $3000 over 12 months (for simplicity's sake), and you had $10,000 in savings, you would temporarily take $3000 out of your savings into that investment for 12 months.

 

As the rational part of your brain probably knows, in effect paying off a debt is equivalent to making a guaranteed investment at the APR of the debt. You aren't going to find no risk investment opportunities that will pay you 28%, unless you are doing something illegal (which isn't risk free) or benefit from some spectacular barrier to entry.

 

This is a good analogy. By extension its also the basis for advising people to pay off the higher CC balances first..

higher balances or the higher apr's?
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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.....

 

 

 

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)

 

In April I went on a business trip to LV.. dropped $100 in cash in slot machines and lost it all ... would have dropped even more, except.. I did not have anymore cash and I left my credit cards in my hotel room - and since I just got done paying bills the previous Friday, my checking account had very little in it anyhow. Needless to say, I thought MANY TIMES about going up to my room to get one of the CC's. But I did not. I know myself though! I hope the OP follows the advice to pay this debt off ASAP!

Edited by Cactus Flower
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Really great advice.

 

I'd chime in, if someone came to you today and said hey, I have special account absolutely guaranteed to pay you a 27.99% return on $3000 over 12 months (for simplicity's sake), and you had $10,000 in savings, you would temporarily take $3000 out of your savings into that investment for 12 months.

 

As the rational part of your brain probably knows, in effect paying off a debt is equivalent to making a guaranteed investment at the APR of the debt. You aren't going to find no risk investment opportunities that will pay you 28%, unless you are doing something illegal (which isn't risk free) or benefit from some spectacular barrier to entry.

This is a good analogy. By extension its also the basis for advising people to pay off the higher CC balances first..

higher balances or the higher apr's?

 

Oops. APR's!

 

Good catch!

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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.

 

you're the first person in this decade who admits to knowing how to play Baccarat..though if you lost 3000, you obviously dont play very well

 

Baccarat? Wasn't he some sort of music composer back in the 1970's??

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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.

 

you're the first person in this decade who admits to knowing how to play Baccarat..though if you lost 3000, you obviously dont play very well

 

Baccarat? Wasn't he some sort of music composer back in the 1970's??

 

Burt?

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Look at the bright side OP...

 

At least you didn't wake up the next morning with a tear-drop tattoo on your face and another tattoo with the Monopoly Man above you a$$.

 

Just pay the 3k and be done with it. Take it as a lesson as your putting that 3k back into your savings account.

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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.

 

you're the first person in this decade who admits to knowing how to play Baccarat..though if you lost 3000, you obviously dont play very well

 

Baccarat? Wasn't he some sort of music composer back in the 1970's??

 

Burt?

 

:rofl:

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you're the first person in this decade who admits to knowing how to play Baccarat..

 

Yeah nobody plays Bacc anymore...

 

Actually Bacc has taken a big hit recently (like last 8-12 months). The Chinese premier is cracking down, and global Bacc play has fallen off significantly as a result (all table games have actually) Macau, Singapore, Vegas all have been hit hard.

Edited by Konrad2012
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they're just tired of so much Chinese money ending up offshore.

 

but, yes, the numbers have dropped especially in Macao and Singapore because of that.

 

I was just throwing a factoid out there I had read. Anyone who said no one in this decade plays Bacc is high. It's the Asian game, and they have all the money. :)

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I don't know how to play it. They say it has the best odds though right?

 

You don't really have to know how to play the game. Just bet on Banker. Easiest game other than slots.

 

Guess who's maxing out his credit cards this weekend? :lol:

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I don't know how to play it. They say it has the best odds though right?

You don't really have to know how to play the game. Just bet on Banker. Easiest game other than slots.

Guess who's maxing out his credit cards this weekend? :lol:

What a brilliant idea!!! :P

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I don't know how to play it. They say it has the best odds though right?

 

You don't really have to know how to play the game. Just bet on Banker. Easiest game other than slots.

 

Guess who's maxing out his credit cards this weekend? :lol:

 

 

Not me. You?

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I don't know how to play it. They say it has the best odds though right?

You don't really have to know how to play the game. Just bet on Banker. Easiest game other than slots.

Guess who's maxing out his credit cards this weekend? :lol:

What a brilliant idea!!! :P

 

Thank you for understanding Capti.

 

 

 

 

I don't know how to play it. They say it has the best odds though right?

 

You don't really have to know how to play the game. Just bet on Banker. Easiest game other than slots.

 

Guess who's maxing out his credit cards this weekend? :lol:

 

 

Not me. You?

 

Is that your final answer? I'll give you 3:1 odds :P

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  • 1 year later...

The best odds in a casino -- depend a great deal on the casino. For my money, I go with video poker. In Biloxi, there are a number of casinos.

 

Consider this: $1 Jacks or Better Video Poker with this pay table at The Palace vs $1 Jacks or Better Video Poker with this pay table at the IP Casino Resort
Pay table is 5/8 Pay Table is 6/9
which means:
Theoretical return of 97.353% + Cash back of .125% = 97.478% Theoretical return of 99.543% + Cash back of .06% = 99.603%
( 97.471% is the real return, because that cash back must be given So, if I'm going to gamble when I go see UFC 202 this weekend, and I feel like I must play, I will play
in the form of game credits - you can't actually get cash back) here, as opposed to there.
With the $20 food credit and the $30 free play I have, it's worth the trip. The key for me is to only bring $20 for the fight and just play with the free play. I have one card I bring that doesn't have a pin assigned, so I can't get a CA. (Guess if I really wanted one and was willing to pay like 10% for the privilege, I could, at the cage instead of the ATM)
The longer you play at a casino, the more likely you are to lose. I'm sure that's not a surprise to anyone.
There was a time when I'd play with a whole lot more cash, but I hit a royal and have been afraid to go back, lest they get it all back.
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