One thing there is 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 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 very 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 hard earned cash from our wallet, so it’s that much easier to reduce 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 legal issues around online gambling, in addition to providing some advice on coping with the underlying problem and the debts that derive from it.
LEGALITIES Around Gambling Debts
When we discuss debt from online gambling it is very important be clear concerning the nature of the 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 an important 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 cover internet gambling, that is a legally enforceable debt the same as it would be in virtually 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 credit card to cover online gambling.
You will find that many credit cards will regard a payment to an internet gambling website as a advance loan. That is then clearly borrowing money from the card issuer and the debt you incur could be pursued through legal action. If you do 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 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 may be the habit of gambling that led to the debt. Even if your debt is dealt with, it is likely to build up again if the root cause is not tackled too. Why don’t we 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 money or paying anyone to deal with your debt for you. These courses of action are likely to deepen your debt in the long run.
DOR123 With a little advice, it is possible to deal with your financial situation yourself, by contacting creditors and agreeing terms for repayment that you can 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.
