One thing there is no shortage of on the net is opportunities to gamble. slot are spoilt for choice, whether your fancy is for betting on sports, playing virtual card games or bingo. One of the items that makes internet gambling so potentially dangerous is that it’s easily available every day and night a day.
The real danger comes when you combine this factor with the truth that it is so easy to feel detached from the reality of investment property online. Gradually racking up a debt online does not feel the same as handing over money from our wallet, so it’s that much easier to reduce track of how your web spending is mounting up.
For these reasons, debt problems from internet gambling are on the increase. In the following paragraphs I hope to clarify a few of the legal issues around online gambling, together with 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 concerning the nature of your debt, because who the 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 isn’t then enforceable through the law.
However, there is an important point to make here, which is that this only applies when you are using credit extended by the business offering the gambling (casino, bookie, etc). If you are using a credit card company to cover internet gambling, that is a legally enforceable debt exactly like 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 the US to use a charge card to pay for online gambling.
You will find that lots of credit cards will regard a payment to an internet gambling website as a advance loan. This is then clearly borrowing money from the card company and the 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 almost always charged at a higher rate of interest than normal credit for purchases.
How To Deal With Debts Caused By Gambling
In dealing with gambling debts, there are two separate issues to tackle. One may be the debt itself, and another is the habit of gambling that resulted in the debt. Even if your debt is dealt with, it is likely to develop again if the primary cause is not tackled too. Let us first consider the problem of paying off the debt.
The principles for tackling debt are nearly always the same, irrespective of the causes of the debt. To permanently deal with debt you should not be turning over borrowing more money or paying anyone to cope with your debt for you. These courses of action are likely to deepen your debt over time.
With a little advice, you can deal with your debts yourself, by contacting your creditors and agreeing terms for repayment that 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.