One thing there is no shortage of on the internet is opportunities to gamble. We are spoilt for choice, whether your fancy is for betting on sports, playing virtual card games or bingo. Among the items 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 reality of money spent online. Gradually racking up a debt online does not feel the same as handing over hard earned cash from our wallet, so it’s 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 the following paragraphs I hope to clarify a few of the legalities around online gambling, as well as providing some advice on coping with the underlying problem and the debts that result from it.
Legal Issues Around Gambling Debts
When we talk about debt from online gambling you should be clear about the nature of the debt, because who the money is owed to does make a difference. People are often unsure about the legality of debts from online gambling. In the united kingdom it is possible to gamble legally on credit and incur a debt, but this debt is not then enforceable through regulations.
However, there is joker 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 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, as you have borrowed money from the credit card company, not the casino. It really is now against the law in america to use a charge 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. 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 cover online gambling this way, you ought to know that cash advances on bank cards are almost always charged at a higher 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 may be 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 develop again if the root cause is not tackled too. Let us 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 cope with debt you should not be turning over borrowing additional 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, it is possible to deal with your debts yourself, by contacting creditors and agreeing terms for repayment you could afford. There’s clearly more to it than that, but it is beyond the scope of this particular article. The process is straightforward and allows you to take back control of your finances.