7 ms·

Back in the good old days you needed a few more steps before you got into debt after gambling.

ElProlactin 3mo ago
Back in the good old days non-payment of gambling debt was a threat to your knee-caps. Today, you might get cut off from Klarna and have to extend your next auto loan to 256 months.
- holistio 3mo ago
  [flagged]
- ares623 3mo ago
  [flagged]
- tyre 3mo ago
  This was with their credit card. You're going to get demolished if you start bouncing gambling debt on a credit card. I'm guessing that at some point, probably not very long from now, credit cards are going to cut down on this. They don't want to be held responsible for a bunch of debt from gamblers, when they've already paid the sites. At some point, the fees won't be worth the combination of PR and actually losing money from bankruptcies / delinquencies.
  - nradov 3mo ago
    Most of those gambling sites don't have merchant accounts and aren't able to accept credit card payments directly. Customers take out cash advances or buy cryptocurrency through various shady intermediaries, then transfer the assets.
  - dfadsadsf 3mo ago
    > You're going to get demolished if you start bouncing gambling debt on a credit card. If you do not have assets or high income, you can just ignore debt and it will drop off you credit report after 7 years. They can try to sue you (unlikely for <$5k debts) and then try to garnish wages (max 25% of aftertax income) but many states outright prohibit garnishment for consumer debts (like Texas) or limit it (like CA - just show that you have high living expenses to avoid garnishment). Overall much better options that kneecaps.
  - ElProlactin 3mo ago
    > You're going to get demolished if you start bouncing gambling debt on a credit card. If you look at the finances of a good swath of Americans, they're already demolished. Heck, the average new car loan is now 6 years with a $700+/month payment. Gambling has become such an embedded part of the current cultural zeitgeist because people feel they have nothing to lose.
- TZubiri 3mo ago
  Loan sharks that use threats still exist, non-bank personal lending funds use cold calling and connections with bankers and use non-staff third party callers to distance themselves from the consequences and reputation of threatening with violence. So it's not like people need to go to shady lenders in the first place, they can be pipelined from normal credit card debt into less scrupulous debt collectors. https://www.youtube.com/watch?v=BMntLU1bNE0 https://www.youtube.com/watch?v=BMntLU1bNE0
  - dfadsadsf 3mo ago
    Does cold calling still works? I get so many spam calls that unknown numbers just go directly to voicemail that I check every other week or so. Pretty much everyone around me does the same. I do not remember when I got last legitimate call - it's all spam now. The link you have is about business debt - that's likely much more collectable than CC debt.
    - TZubiri 3mo ago
      The general rule is that if you see an attack/ad, it's because someone is falling for it. Attacks have costs, no matter how marginal, and if someone is paying that, they are probably funding it with the victim payouts. Very rarely will attacks be funded on hopes, and if that happens, it's not for long until they run out of funds and energy.

Back in the good old days non-payment of gambling debt was a threat to your knee-caps. Today, you might get cut off from Klarna and have to extend your next auto loan to 256 months.

holistio 3mo ago
[flagged]
ares623 3mo ago
[flagged]
tyre 3mo ago
This was with their credit card. You're going to get demolished if you start bouncing gambling debt on a credit card. I'm guessing that at some point, probably not very long from now, credit cards are going to cut down on this. They don't want to be held responsible for a bunch of debt from gamblers, when they've already paid the sites. At some point, the fees won't be worth the combination of PR and actually losing money from bankruptcies / delinquencies.
- nradov 3mo ago
  Most of those gambling sites don't have merchant accounts and aren't able to accept credit card payments directly. Customers take out cash advances or buy cryptocurrency through various shady intermediaries, then transfer the assets.
- dfadsadsf 3mo ago
  > You're going to get demolished if you start bouncing gambling debt on a credit card. If you do not have assets or high income, you can just ignore debt and it will drop off you credit report after 7 years. They can try to sue you (unlikely for <$5k debts) and then try to garnish wages (max 25% of aftertax income) but many states outright prohibit garnishment for consumer debts (like Texas) or limit it (like CA - just show that you have high living expenses to avoid garnishment). Overall much better options that kneecaps.
- ElProlactin 3mo ago
  > You're going to get demolished if you start bouncing gambling debt on a credit card. If you look at the finances of a good swath of Americans, they're already demolished. Heck, the average new car loan is now 6 years with a $700+/month payment. Gambling has become such an embedded part of the current cultural zeitgeist because people feel they have nothing to lose.
TZubiri 3mo ago
Loan sharks that use threats still exist, non-bank personal lending funds use cold calling and connections with bankers and use non-staff third party callers to distance themselves from the consequences and reputation of threatening with violence. So it's not like people need to go to shady lenders in the first place, they can be pipelined from normal credit card debt into less scrupulous debt collectors. https://www.youtube.com/watch?v=BMntLU1bNE0 https://www.youtube.com/watch?v=BMntLU1bNE0
- dfadsadsf 3mo ago
  Does cold calling still works? I get so many spam calls that unknown numbers just go directly to voicemail that I check every other week or so. Pretty much everyone around me does the same. I do not remember when I got last legitimate call - it's all spam now. The link you have is about business debt - that's likely much more collectable than CC debt.
  - TZubiri 3mo ago
    The general rule is that if you see an attack/ad, it's because someone is falling for it. Attacks have costs, no matter how marginal, and if someone is paying that, they are probably funding it with the victim payouts. Very rarely will attacks be funded on hopes, and if that happens, it's not for long until they run out of funds and energy.