One thing there is absolutely 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. One of the items that makes internet gambling so potentially dangerous is that it’s easily available for 24 hours a day.
The real danger comes once you combine this factor with the fact that it is very easy to feel detached from the reality 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 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 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 it is important to be clear about the nature of the debt, because who the amount of 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 isn’t then enforceable through the law.
However, there is a significant point to make here, which 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 exactly like it would be in virtually any other circumstance, because you have borrowed money from the charge card company, not the casino. It really is now against the law in america to use a charge card to cover online gambling.
You will find that lots of credit cards will regard a payment to an internet gambling website as a cash advance. 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 cover online gambling this way, you should be aware that cash advances on bank 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 is the debt itself, and the other may be the habit of gambling that led to the debt. Even if the debt is dealt with, it is likely to build up 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 often the same, irrespective of the sources of the debt. To permanently cope with debt you should not be considering borrowing more money or paying anyone to cope with your debt for you. ABO777 These courses of action are likely to deepen your debt in the long run.
With a little advice, it is possible to deal with your financial situation yourself, by contacting creditors and agreeing terms for repayment that you may afford. There is clearly more to it than that, nonetheless it is beyond the scope of the particular article. The process is straightforward and allows you to get back control of your finances.
