One thing there is absolutely no shortage of on the internet is opportunities to gamble. We have been spoilt for choice, whether your fancy is for betting on sports, playing virtual cards or bingo. One of 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 so easy to feel detached from the truth of money spent online. Gradually racking up a debt online does not feel the identical to handing over money from our wallet, so it’s that much easier to reduce track of how your online spending is mounting up.
Therefore, debt problems from internet gambling are on the increase. In this posting I hope to clarify a number of the legal issues around online gambling, and also 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 your debt, because who the amount of money is owed to does change lives. People are often unsure about the legality of debts from online gambling. In the united kingdom 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 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 the same as 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 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 the 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 credit cards are nearly always charged at a higher rate of 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 may be the debt itself, and another may be the habit of gambling that resulted in the debt. Even if the debt is dealt with, chances are to build up again if the primary cause is not tackled too. Why don’t we 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 cope with debt you should not be turning over borrowing additional money or paying anyone to deal with your debt for you. These courses of action will probably deepen your debt in the long term.
With a little advice, it is possible to deal with your debts yourself, by contacting creditors and agreeing terms for repayment you can afford. There’s clearly more to it than that, but it is beyond the scope of this particular article. The process is straightforward and allows you to get back control of your finances. SLOT DANA