One thing there is absolutely 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. Among the things that makes internet gambling so potentially dangerous is that it is easily available every day and night a day.
The real danger comes when you combine this factor with the truth that it is very easy to feel detached from the reality of money spent online. Gradually accumulating a debt online does not feel the same as handing over hard earned cash from our wallet, so it is that much easier to lose track of how your online spending is mounting up.
Therefore, debt problems from internet gambling are on the increase. In this post 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 derive from it.
Nine303 Legal Issues Around Gambling Debts
When we discuss debt from online gambling you should be clear concerning the nature of the debt, because who the money is owed to does change lives. 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 is not then enforceable through the law.
However, there is a significant point to make here, that is that this only applies if 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 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 really is now against the law in the US to use a charge card to cover online gambling.
You will find that many bank 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 the debt you incur could be pursued through legal action. Should you choose use a credit card to pay for online gambling this way, you ought to know that cash advances on bank cards are almost always charged at a much higher 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 is the debt itself, and the other is the habit of gambling that led to the debt. Even if your debt is dealt with, it is likely 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. These courses of action will probably deepen your debt over time.
With a little advice, you can deal with your debts yourself, by contacting your creditors and agreeing terms for repayment that you could afford. There’s clearly more to it than that, but it is beyond the scope of this particular article. The process is easy and allows you to take back control of your finances.