Of Credit Card Debt
I know I "harp on" about this
a lot but it is very important. Your range of betting activities will
be much more enjoyable if you are not punting using money from credit
cards. And your decision making process will not be tarnished with
the extra pressure that naturally comes with gambling with borrowed
For starters the odds of success are
much longer if you are battling the "natural odds" against
you in racing AND trying to fight credit card charges of 18% plus
that you will incur if you are trying to fund your punting "bank"
from a credit card. The odds against success then are
just way too high to overcome on a long term and sustainable basis.
If they weren't everybody would be doing it.
I still shudder when I think of the night
I was watching a nightly "current affairs" show on TV a
few years ago and a financial 'expert" was advising people to
borrow money from the banks to invest in the share market - for goodness
So - how do you get out of debt?
The very first practical step you should
take is to get your spending under control. You need to stop accumulating
Many credit counselors recommend physically cutting up your credit
cards. Most people have several thousands of dollars worth of debt
and getting rid of their credit cards is a good first step. Even if
you only pay the minimum monthly payment you are moving in the right
Line up all your bills on the kitchen
table and then add the monthly minimum repayments up to get an overall
monthly minimum. You must pay this overall minimum PLUS a hefty additional
chunk every month -- enough to make a solid dent in the outstanding
balance of at least one account. If you can't pull this off,
you'll have to make a drastic move to increase your income or lower
your expenses OR your punting bank that you use for pleasure.
Asking for a lower interest rate.
Grab a bill from any account charging
you more than 14% interest. Dial the toll-free number on the bill
and ask to have your rate reduced -- say, to 11%. Tell them that you'd
really like to stay with them out of customer loyalty (embellish according
to your acting skills), but that you have received offers for much-lower-rate
cards. Expect to be made very uncomfortable, but stand firm and remember
that, to them, you are both a customer and a profit centre. You also
stand to save a bundle. The more calls you make, the more persuasive
You MUST make more than the minimum
If you have a credit card and only pay
the minimum monthly payment you’ll end up in debt. If you paying
the minimum payment only, $1000 on your credit card can become
an 11 year loan, even with no extra purchases. If you don’t
make the minimum monthly repayment off your credit card, you’ll
have to pay extra charges and interest on top of your credit card
balance. This will be so even if you don’t use the card for
new purchases. A late payment fee will be added for payments after
the due date.
You will get much more enjoyment from
the sport of horse racing and punting if you are not doing it with
borrowed money and that I CAN guarantee. I simply cannot give you
better advice than this. And yes, I have been there and done that.
Learning from others' mistakes is the best and, by far, cheapest education