Strapped for Cash? Use Credit Cards to Buy Lotto Tix
The Tennessee legislature is considering a bill that would allow people to pay for lotto tickets with their credit cards.
This sounds like a great idea, especially in the state that has the country's highest bankruptcy rate.
It's mind boggling that this idea is being entertained by an entire state legislature full of grown adults. What's even worse is that this is already allowed in several other states. The reasoning behind the bill is that younger people don't carry cash and will be more likely to use their credit cards. Thankfully, these politicians are looking out for the welfare of youngsters.
Realistically, this opens the door for people to get further into debt. American families already have $15,799 in credit card debt on average. We already know people aren't responsible with their money buying tangible goods. But when you allow people to use imaginary money to gamble, it's a recipe for disaster.
In Florida, the state's Compulsive Gambling HelpLine has reported an 18% increase in calls in the last year. Make no mistake, in hard economic times, many people desperate people turn to gambling. The Lotto is state sanctioned, but technically it's the same as gambling.
Hopefully, someday state governments will come up with more creative ways to drum up capital than allowing people to leverage their credit on a glorified numbers game.