One thing there is absolutely 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. 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 truth that it is so easy to feel detached from the truth of investment property online. Gradually accumulating a debt online will 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 article I hope to clarify a few of the legalities around online gambling, together with providing some advice on coping with the underlying problem and the debts that result from it.
Legal Issues Around Gambling Debts
When we discuss debt from online gambling it is important to be clear about the nature of your 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 UK you can 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, that 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 pay for internet gambling, that is clearly a legally enforceable debt the same as it would be in 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 credit card to pay for online gambling.
You will find that many bank cards will regard a payment to an internet gambling website as a cash advance. That is then clearly borrowing money from the card issuer and the debt you incur can 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 rate of interest than normal credit for purchases.
HOW TO APPROACH Debts Caused By Gambling
In dealing with gambling debts, you can find two separate issues to tackle. One may be the debt itself, and another is the habit of gambling that led to the debt. Even if your debt is dealt with, chances are to develop again if the root cause is not tackled too. JOKER123 Let us first consider the problem of paying off the debt.
The principles for tackling debt are often the same, irrespective of the causes of the debt. To permanently deal with debt you should not be considering borrowing more income or paying anyone to cope with your debt for you. 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 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 take back control of your finances.