Top 10 Reasons To Avoid Gambling

10. The cause of indolence

Gambling affects your life negatively. If you are a regular, you might have missed your work occasionally because of a late night games at the casino. On the other hand, if in case, after a major loss you make an attempt to work you won’t be able to concentrate for your mind will be preoccupied with the depressing thoughts from the loss. Many of the gamblers depend on the “luck factor” and start day dreaming ultimately losing interest in their job.

9. Results in depression and anxiety

Gambling addiction can be the reason of anxiety, depression and a host of other mental problems. The pressure of gambling addiction can generate terrific emotional pain which can only get worse over time. If you are a gambler and you feel anxious or depressed, it is suggested that you seek help right away. Gambling addiction has the highest number of suicide rates. Individuals are overwhelmed by this obsession and become despondent and hopeless, believing suicide is the only way out of the pain.

8. Deteriorates your physical health

If you have been gambling on a regular basis your physical health is at stake. People who gamble impulsively start neglecting their health. Additionally, the stress of the gambling obsession can even cause stress on your heart, particularly after shocking monetary losses. The emotional fall can in fact have an effect on your physical body in negative ways. A sheer game of luck, it will only cause you pain and nothing else. Is it not one of the big reasons to avoid gambling?

7. Makes you selfish, moody and rude

I have witnessed a lot of individuals who underwent a moral transformation to the worse after they got into gambling. The habit destroys the person ethically and makes him moody and rude. The greediness keeps his mind engrossed in the imaginary money, ultimately making him selfish. Inveterate gamblers don’t think about other people. Their only aim of life is to finance their addiction and to win back their lost money.

6. Will make you lose your friends

You might be wondering how this habit of yours will make you lose friends. Well, if you are in a habit of gambling then it is more likely that if not today maybe later you’ll borrow money from them. Chances are you’ll not be able to pay them in time due to frequent losses. This will really cause strain in your relations. In addition, your addiction will make you ignore your friends as you will be preoccupied with gambling. You may then even miss social outings and some very important events.

5. Ruins your family

Gamblers are too tough to reform ultimately turning out to be a loser and having no family. Not a soul wants to be in this world with a gambler who is grumpy, unstable and squanders funds. So the outcome is the spouse filing a case of divorce or just leaving the partner. Many families have been torn apart by this disastrous obsession.

4. Induces crime

Fascination of gambling compels people to commit crimes to support their game. An impulsive gambler never leaves this addiction even when he is left with no money and instead takes on crime to finance his very basic need of gambling. Some people even turn towards domestic violence and torture their spouse on a daily basis.

3. Diverts you from your aim

When your life is all about gambling and just gambling, it then becomes your primary activity. All of your vigor, motivation, energy and inspiration are only gambling related and you tend to lose focus on the main aspects of your life. If you have any special talents or hobbies, it is most likely that these hobbies will not be given priority and you’ll choose to ignore them.

2. Puts on hold all your future goals and aspirations

When you are addicted to gambling, it is obvious to stop thinking about the future. A gambler always lives for the moment and desires only instant gratification to feel what is known as the “gamblers high”. It becomes very hard then to focus on any of the future prospects as they tend to live in a world of fantasy, placing bets and dreaming that big jackpot. Neglecting aspirations and all future goals is living a worthless life and therefore this is one of the prime reasons to avoid gambling.

1. A curse that destroys you financially

It doesn’t take a lot of time to dig up a huge financial hole if you have an impulsive gambling obsession. Gambling can take away hundreds or perhaps even thousands of dollars in no time and add up to your debts. I have seen that people take lots of years to clear the debt and in their endeavor they even become bankrupt, ultimately devastating financial as well as personal life. Money is the reason why we all live and therefore the biggest of all reasons to avoid gambling is to save money.

Reasons Why Shouldn’t Use A Personal Loan To Pay Off Your Credit Card Debt

Many people in Singapore hold multiple credit cards at the same time as each card has its own unique benefits. Under such circumstances, people can potentially fall into a debt trap as he/she owes money to several creditors. There are multiple payments and due dates to keep track of, and the non-stop reminders about unsettled balance only adds to the tension. As you fall behind the due dates of making the payments, your debts will only become larger. One of the way out from this debt trap is having a personal loan known as Debt Management Plan or DCP.

DCP was introduced by Association of Banks in Singapore (ABS) in the early part of 2017 for all Singapore nationals and Permanent Residents who are facing difficulty in settling their debts. DCP is a type of personal loan where you can borrow a lump sum amount to pay off all your current debts right away. However, you can take the help of a DCP only for unsecured credit facilities such as personal loans, credit cards and other credit lines. Let us take a look at some of the benefits and drawbacks of a Debt Settlement Plan:

Benefits

  • You only have to make a single payment per month as a DCP consolidates all your debts into a single debt. This will help you save your energy and time and cutting the stress of missing a payment, as you no longer have to keep track of all the different creditors.
  • Lower interest rates with a DCP makes it easier to pay off all your debts and actually make visible progress.
  • When a DCP is managed well, you have a better chance of saving some money instead of spending your whole monthly earnings on paying bills.

Drawbacks

  • The biggest drawback of DCP is the potential of getting into more debt. People who are not careful about their expenses and have a habit of gambling are prone to get themselves further into debt.
  • Even with low interest rates, you may take longer to pay back your debt with DCP. In the long run, this will lead to more interest payment. To avoid this, you must concentrate on paying off your debt as early as possible.
  • If you fail to make timely payments, fines and interests will be imposed, which will only enhance your burdens.

If you choose to transfer your DCP to other banks, you will have to do it three months after your DCP is sanctioned. You will be subject to penalty fees which the original bank may charge for early termination or transferring your DCP. Since a long commitment is required with a DCP, you should do your research extensively before applying for a plan.

Once you have taken a Debt Settlement Plan, all your prevailing credit cards and unsecured debts are adjourned. You will be offered a revolving credit equivalent to your one month’s salary. You will not be eligible to apply for any new unsecured cards during the time your DCP is active, unless you have repaid a part of your debt.

Eligibility criteria

To be eligible for a DCP, you must be a Singaporean or a Permanent Resident. You must have personal assets worth less than S$2 million or your earnings should be in the range of S$20,000 and S$120,000 a year. Your consolidated unsecured debts must exceed by over 12 times your monthly income.

Fees associated with a Debt Management Plan

There are a few banks in Singapore that charge a fixed processing fee while the others charge up to 3% of the sanctioned loan amount. You should opt for a personal loan to finance your crises if you can wait for a few days. Personal loans are better than cash advance because of fixed monthly payments and low interest rates.

A Debt Settlement Plan will help you pay lower monthly sum with low interest rates. As a result, it will help you focus on a single contribution every month and have less financial strain. A personal loan in the form of a Debt Management Plan will help you negotiate with your creditors for removal of penalties to make your loan amount lower.