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’s easily available for 24 hours a day.
The real danger comes when you combine this factor with the fact that it is so easy to feel detached from the truth of money spent online. Gradually accumulating a debt online does not feel the same as handing over hard earned cash from our wallet, so it is that much easier to lose track of how your web spending is mounting up.
For these reasons, debt problems from internet gambling are on the increase. . In this post I hope to clarify some of the legal issues around online gambling, in addition to 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 you should be clear about the nature of your debt, because who the money is owed to does change lives. 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 isn’t then enforceable through regulations.
However, there is an important point to make here, that is that this only applies if you are using credit extended by the business offering the gambling (casino, bookie, etc). If you use a credit card company to pay for internet gambling, that is clearly a legally enforceable debt the same as it would be in virtually any other circumstance, because you have borrowed money from the credit card company, not the casino. It is now against the law in america 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 advance loan. That is then clearly borrowing money from the card company and your debt you incur could be pursued through legal action. If you do use a credit card to pay for online gambling this way, you should be aware that cash advances on credit cards are nearly always charged at a higher rate of interest than normal credit for purchases.
HOW TO APPROACH Debts Caused By Gambling
In dealing with gambling debts, there are two separate issues to tackle. One may be the debt itself, and another may be the habit of gambling that resulted in the debt. Even if the debt is dealt with, it is likely to build up again if the root cause is not tackled too. Let us first consider the issue 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 money or paying anyone to deal with your debt for you personally. These courses of action will probably deepen your debt in the long run.
With a little advice, you can deal with your debts yourself, by contacting your creditors and agreeing terms for repayment you could afford. There’s clearly more to it than that, nonetheless it is beyond the scope of the particular article. The process is easy and allows you to take back control of your finances.