One thing there is no shortage of on the internet is opportunities to gamble. We are spoilt for choice, whether your fancy is for betting on sports, playing virtual card games or bingo. One of the items that makes internet gambling so potentially dangerous is that it is easily available for 24 hours a day.
The real danger comes once you combine this factor with the fact that it is very 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 is 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 post I hope to clarify a few of the legalities around online gambling, together with providing some advice on dealing with the underlying problem and the debts that derive from it.
Legal Issues 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 amount of money is owed to does make a difference. People are often unsure concerning 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 the law.
However, there is a significant point to make here, which is that this only applies if 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 exactly like it would be in virtually 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 credit card to pay for online gambling.
slot69 will find that lots of bank cards will regard a payment to an internet gambling website as a cash advance. That is then clearly borrowing money from the card company and your debt you incur could 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 much higher 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 is 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 sources of the debt. To permanently deal with debt you should not be considering borrowing more money or paying anyone to deal with your debt for you personally. These courses of action will probably deepen your debt in the long run.
With a little advice, it is possible to deal with your financial situation yourself, by contacting your creditors and agreeing terms for repayment 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 get back control of your finances.