One thing there is no shortage of on the net is opportunities to gamble. We are spoilt for choice, whether your fancy is for betting on sports, playing virtual cards or bingo. Among the things that makes internet gambling so potentially dangerous is that it is easily available for 24 hours 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. Nine303 Gradually accumulating 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 this post I hope to clarify some of the legalities around online gambling, as well as providing some advice on dealing with the underlying problem and the debts that derive from it.
LEGALITIES Around Gambling Debts
When we talk about debt from online gambling it is important to be clear concerning the nature of your debt, because who the money is owed to does change lives. People are often unsure about the legality of debts from online gambling. In the UK it is possible to 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, that 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 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 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 cash advance. This is then clearly borrowing money from the card issuer and your debt you incur can 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 bank cards are nearly always charged at a higher 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 is the debt itself, and another may be the habit of gambling that led to the debt. Even if your debt is dealt with, chances are to develop again if the primary cause is not tackled too. Let us first consider the issue of paying off the debt.
The principles for tackling debt are nearly always 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 personally. These courses of action will probably deepen your debt in the long term.
With a little advice, you can deal with your financial situation yourself, by contacting creditors and agreeing terms for repayment that one could afford. There is clearly more to it than that, but it is beyond the scope of the particular article. The process is easy and allows you to get back control of your finances.