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The #1 rule of casino gambling is:
NEVER BET GREATER THAN YOU'LL AFFORD TO LOSE!
The casinos have a home edge on all the games apart from certain video poker games, card counting in blackjack and live poker. We consult with casino games as having a negative expectation. Because of this over the long term the maths of the sport will grind away at your bankroll. The in-built house advantage is how the casinos make money. Certain games have a lower house edge than others. Video Poker, Blackjack and the passline bet in Craps have a low house edge. Roulette and slots have the next house advantage. It's the price we pay to play.
Proper money management tells us to budget a given amount to gamble with and persist with that amount, win lose or draw. This brings us to rule number two:
NEVER GAMBLE WITH BORROWED MONEY!!
Unfortunately that may be exactly what you might be doing when you run out of cash and choose to take a cash advance for your bank card on the casino. There also are hidden charges you may also over look in the event you choose to do that. I LATTERLY visited an East Coast casino and inquired in regards to the finer points of taking a cash advance on a bank card. The casino charges you a specific amount only for issuing you a check out of your bank card for the money advance dependent on what quantity of money you would like to. get a $500 cash advance the charge was $21.99. That may be 4.4 % paid to the casino up front. Most bank card companies charge you 3% for a cash advance, with a purpose to come to $15.66 (3% of $521.99.
You are already down $37.65 or 7.5% before you even sit to play. That is like sitting down at a five-dollar blackjack table and losing eight hands in a row or getting nothing back after putting three and a half roll of quarters through a slot machine. If this happened, most folks would head for the door real fast, but you're just beginning.
The next month your bank card bill arrives. Your balance is $537.65. You furthermore may discover that on top of the 3 percent you needed to pay to borrow the money, the rate of interest for a cash advance is 5% higher than the traditional 15% you pay for purchases. Your new rate is 20 percent. Out of the goodness in their heart your bank card company will permit you to make payments if you happen to decide to not pay the balance in full. Actually all it's important to do is a make minimum payment for the month. That is where people get into financial trouble. The general public don't realize the results of creating minimum payments. It is going to take an extended time to repay the debt than you will have imagined. Below is a chart showing what it is going to take to repay that $537 at 20 % interest.
Credit card debt is the economic ruin of many of us nowadays. It's too easy to get caught up within the “Buy now Pay” later mentality. The chart below will hopefully put things in perspective. One and all folks should hesitate the following time we reach for the “Plastic” to make a purchase order.
I know you must take a bank card with you while you travel to acquire hotel and car reservations but they need to not be used for frivolous cash advances. Cash advances must be used for “Dire Emergencies” only! I don’t think a couple of more hands of blackjack or a couple of more pulls at the slot machine handle falls into this category.
Credit Card Repayment
| Monthly Payments | Time | # of payments | Total Amount Repaid |
| $49.74 | 1 year | 12 | $596.88 |
| $27.33 | 2 year | 24 | $655.92 |
| $19.96 | 3 years | 36 | $718.56 |
| $16.34 | 4 years | 48 | $784.32 |
| $14.23 | 5 years | 60 | $853.80 |
Read More... [Source: About.com Casino Gambling: What's Hot Now]
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