One thing there is 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. One of the items 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 very easy to feel detached from the truth of investment property online. Gradually accumulating a debt online does not feel the same as handing over money from our wallet, so it’s 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 the following paragraphs I hope to clarify a few of the legalities around online gambling, and providing some advice on coping with the underlying problem and the debts that result from it.
LEGALITIES 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 isn’t then enforceable through regulations.
However, there is a significant point to make here, which is that this only applies when you are using credit extended by the company offering the gambling (casino, bookie, etc). If you use a credit card company to cover internet gambling, that is a legally enforceable debt exactly like it would be in any other circumstance, as 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 cover online gambling.
You will find that many credit 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 bank cards are almost always charged at a higher 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 is the debt itself, and the other 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 nearly always the same, irrespective of the sources of the debt. To permanently deal with debt you should not be turning over borrowing more income or paying anyone to deal with your debt for you personally. These courses of action will probably deepen your debt over time.
With a little advice, it is possible to 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.