One thing there is 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 card games or bingo. iconwin 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 once you combine this factor with the fact that it is so easy to feel detached from the truth of investment property online. Gradually accumulating a debt online does not feel the same as handing over hard earned cash 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 this posting I hope to clarify a number of the legalities around online gambling, and providing some advice on dealing with the underlying problem and the debts that derive from it.
LEGALITIES Around Gambling Debts
When we talk about debt from online gambling it is important to be clear concerning 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 it is possible to 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 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 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 really is now against the law in the US to use a charge 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 company and your 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 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, there are 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 the debt is dealt with, it is likely to develop again if the root 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 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 are likely to deepen your debt in the long run.
With a little advice, it is possible to deal with your debts yourself, by contacting your creditors and agreeing terms for repayment that you may afford. There is clearly more to it than that, but it is beyond the scope of the particular article. The process is straightforward and allows you to take back control of your finances.