Poker debt

[premierplayer]

Well I got myself into trouble. It was a huge downward spiral. After cashing out 1200 and only putting 500 of it back into my expenses figuring the bankroll would be good and I could make even more money I ended up losing it all. I wasn't even playing bad at all I just couldn't catch a break and many suckouts occured. I lost with AA three times in one night to people either flopping a flush or trips on river. I guess I am taking time off from poker and trying to pay the 1200 in credit card debt I have now. I honestly don't even know how I will be able to and pay my bills at the same time. I hate this game. I just want to warn people that this could happen to you. Don't try to dig yourself out of a hole. I should have quit and took the 1200 into my accounts and I would only be like -200. I am foolish.

 

[NineLions]

Good warning, premier. Life debts rank ahead of poker investments.

Although, I don't quite follow; you had 1,200 in credit card bills, cashed out 1,200 to pay them, then took 700 back into poker but now have 1,200 credit card bills again?

 

[Egon Towst]

Sorry to hear that, friend.

If you ever manage to build a bankroll again, I would strongly urge you to exercise careful bankroll management. A run of bad luck can`t bust you if you are properly rolled and playing at appropriate limits.

 

[premierplayer]

Pretty much I used credit card to play poker. Lost some. Put more on and won it all back. My CC bills were around 1300 (school boooks, other things and poker) and I cashed out 1200. I only put like 600 towards the bills while the rest was thrown back onto poker. I immediately lost that playing 1/2 NL. I then ended up losing $300 worth of pay for the month again at poker and then that was it. Here I am. In debt and I will have trouble paying bills at the end of the month.

 

[Ozzington]

You should only deposit into the account as much as you are willing to lose. If you tell yourself that a few more bucks couldn't hurt then you could be in some serious trouble..

That's horrible to hear Premier, I hope things work out for you.

-Oz

 

[zachvac]

Some advice, never gamble with money you don't have. If you need to start a BR, get a job to get some extra money, don't use a credit card and expect to go up so you can pay it back and still have cash. Of course that won't do you much good now. Hopefully you can sort it out, debt sucks.

 

[premierplayer]

I figured I would post my troubles as a way to show that it can happen to ANYONE. $1200 won't be too bad once I am done with soccer. Its tough right now because I don't work that much. I will probably get charged late fees and crap. I am a moron.

 

[wickedlovely]

Brave of you to share your experience and to try to warn others. Sorry you had to go through this, but it sounds like you've learned a lesson and you're headed back in the right direction!

Good luck to you. :icon_thum

 

[Kenzie 96]

Sorry to hear this premier, been on a similar run myself but as I forced myself to practice something resembling bankroll management I am riding it out. Good luck to you & hope you get your finances under control before you jump back in.

 

[premierplayer]

I love the game of poker and wish I could keep playing. I just don't have the money. I can't take out more credit and hope to get on a good run to pay everything back. I lost 700 that way already. I know if I put more money on no matter how good I play something will go wrong. Maybe next year.

 

[Tammy]

I figured I would post my troubles as a way to show that it can happen to ANYONE. $1200 won't be too bad once I am done with soccer. Its tough right now because I don't work that much. I will probably get charged late fees and crap. I am a moron.

Don't screw up your credit history too with late payments! Even if you can only make the minimum payment, make sure you make it on time! Put extra on the cards when you can. If you mess around and pay your CC's late, not only we they hike your balance up with fees, if you're late enough times, they will hike your interest rate up as well. Some companies do that even if you are only late once. So please, please, be responsible with paying your bill. Ideally you want to pay more than the minimum due, but you also want to keep it current.

Best of luck to you, and hopefully you have learned your lesson from this (sounds like you have). It was good and decent of you to post this, as I'm sure you had to swallow a bit of pride.

Just remember, no late payments!! I can't stress that enough.

 

[slowpoke]

Wow thanks for the advice and I hope you recover...

 

[premierplayer]

Just wondering how much everyone else owes to credit cards on average? I know I owe thousands of dollars for school so $1,000 isn't really anything lol.

 

[Debi]

Call your credit card company and ask if they have a hardship program - most of them do. I don't know if you will qualify or not - but if you do they might be able to temporarily reduce your minimum payment amount.

I have 1 credit card with a balance - and it has a zero percent interest rate - the balance is about $1500. All other credit cards are paid in full every month.

Keep your credit good - it is so important!

 

[premierplayer]

The minimum payment is only 15$ so its not an issue right now. I think my other card (limit 500) has like $250 in school books and the rest full tilt losses (before they stopped taking my card) I think I dont have any interest on that for a few months so I am gonna try to pay of as much of the Discover card I can and my balance on that is like 750$

 

[xtreme_calibur]

i have a $750 mastercard and a $1000 visa and both are paid off. i never have had any CC debt because of the advice my mom gave me when i applied for them: "never charge more then you can pay back in 1 monthly payment." that way you never pay a cent of interest, and debt will never be a problem. gl & hope this helps!