One thing there is absolutely 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. One of the things that makes internet gambling so potentially dangerous is that it’s easily available for 24 hours a day.
The real danger comes once 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 same as handing over money 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 article I hope to clarify a number of the legalities around online gambling, and providing some advice on coping 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 very important be clear about the nature of the debt, because who the amount of money is owed to does make a difference. People are often unsure about the legality of debts from online gambling. In the UK 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 if you are using credit extended by the company 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 exactly like it would be in virtually any other circumstance, as you have borrowed money from the credit card company, not the casino. It 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. That is then clearly borrowing money from the card issuer and your debt you incur can 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 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. bosbandarq.org is the debt itself, and another may be the habit of gambling that led to the debt. Even if the debt is dealt with, it is likely to build up again if the primary cause is not tackled too. Why don’t we first consider the issue 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 more money or paying anyone to deal with your debt for you. These courses of action are likely to deepen your debt over time.
With a little advice, it is possible to deal with your debts yourself, by contacting creditors and agreeing terms for repayment that you could afford. There is 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.