IMPORTANCE ONLINE BETTING Explained 101
One thing there is absolutely 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 card games or bingo. One of the items that makes internet gambling so potentially dangerous is that it’s easily available every day and night a day.
The real danger comes when you combine this factor with the fact that it is so easy to feel detached from the truth of money spent 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 web spending is mounting up.
Therefore, debt problems from internet gambling are on the increase. In the following paragraphs I hope to clarify a number of the legal issues around online gambling, as well as providing some advice on coping with the underlying problem and the debts that derive from it.
Legal Issues Around Gambling Debts
When we talk about debt from online gambling it is very important be clear about 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 isn’t then enforceable through regulations.
However, there is a significant point to make here, which is that this only applies while you are using credit extended by the business offering the gambling (casino, bookie, etc). If you use a credit card company to cover internet gambling, that is clearly a legally enforceable debt the same as it would be in virtually any other circumstance, because you have borrowed money from the credit card company, not the casino. It is now against the law in america 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. That is then clearly borrowing money from the card company 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 should be aware that cash advances on credit cards are nearly always charged at a higher 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 the other is 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 sources of the debt. JOKER123 To permanently cope with debt you should not be turning over 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 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 can 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.