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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 cards 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 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 will 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 web spending is mounting up.
For these reasons, debt problems from internet gambling are on the increase. In this post I hope to clarify some of the legal issues around online gambling, along 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 important to be clear concerning the nature of your 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 united kingdom it is possible to 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 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 credit card to pay for online gambling.
You will find that many bank cards will regard a payment to an internet gambling website as a cash advance. slot 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 ought to know that cash advances on credit cards are nearly always charged at a 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 the other is the habit of gambling that led to the debt. Even if the debt is dealt with, chances are to build up 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 often the same, irrespective of the sources of the debt. To permanently cope with debt you should not be considering borrowing additional money or paying anyone to deal with your debt for you. These courses of action are likely to deepen your debt in the long term.
With a little advice, it is possible to deal with your financial situation yourself, by contacting your creditors and agreeing terms for repayment you can afford. There’s clearly more to it than that, but it is beyond the scope of the particular article. The process is straightforward and allows you to get back control of your finances.