One thing there is absolutely no shortage of on the net is opportunities to gamble. We have been spoilt for choice, whether your fancy is for betting on sports, playing virtual card games or bingo. iconwin One of the things that makes internet gambling so potentially dangerous is that it is easily available for 24 hours a day.
The real danger comes once you combine this factor with the truth that it is so easy to feel detached from the reality of money spent online. Gradually accumulating a debt online will not feel the same as handing over money from our wallet, so it is that much easier to lose track of how your online spending is mounting up.
For these reasons, debt problems from internet gambling are on the increase. . In this article I hope to clarify some of the legal issues around online gambling, as well as providing some advice on coping with the underlying problem and the debts that derive from it.
Legal Issues Around Gambling Debts
When we talk about debt from online gambling it is important to be clear concerning the nature of the debt, because who the amount of money is owed to does make a difference. People are often unsure concerning the legality of debts from online gambling. In the UK you can gamble legally on credit and incur a debt, but this debt is not then enforceable through the law.
However, there is an important point to make here, which is that this only applies if you are using credit extended by the company offering the gambling (casino, bookie, etc). If you are using a credit card company to pay for internet gambling, that is a legally enforceable debt the same as it would be in virtually any other circumstance, as you have borrowed money from the charge card company, not the casino. It is now against the law in the US to use a credit card to pay for online gambling.
You will find that lots of bank cards will regard a payment to an internet gambling website as a cash advance. This is then clearly borrowing money from the card company and the debt you incur can be pursued through legal action. If you do use a credit card to cover online gambling this way, you ought to know that cash advances on credit cards are almost always charged at a much higher rate of interest than normal credit for purchases.
HOW TO APPROACH Debts Caused By Gambling
In working with gambling debts, you can find two separate issues to tackle. One is the debt itself, and another may be the habit of gambling that led to the debt. Even if your debt is dealt with, it is likely to build up again if the primary cause is not tackled too. Why don’t we first consider the problem of paying off the debt.
The principles for tackling debt are often the same, irrespective of the sources of the debt. To permanently deal with debt you should not be considering borrowing more income or paying anyone to deal with your debt for you personally. These courses of action will probably deepen your debt in the long term.
With a little advice, it is possible to deal with your financial situation yourself, by contacting your creditors and agreeing terms for repayment you can afford. There’s clearly more to it than that, but it is beyond the scope of the particular article. The process is straightforward and allows you to take back control of your finances.