Causes and effects of online gambling debts
If there is one thing that there is no shortage of on the Internet, it is the chances of gambling. There are so many choices for the players to choose from. Internet gaming is available 24×7 which is why it has the potential to become harmful when combined with the fact that it is easy to feel detached from the truth of spending money on the internet. It is easy for one to lose track of his or her internet spending. Due to such reasons, debts issues from gambling are increasing.
Legal problems around gambling debts
It is important to have a proper understanding of the nature of the debt. This is because knowing to whom the money is owed does make a difference. Most people are unsure about the legality of debts connected with online gambling. In the UK, one can gamble legally on credit and earn a debit. This debt, however, is not enforceable legally. However, this only applies when one uses the card extended by the company to offer gambling. If one uses a credit card to pay for the gambling, then it is a legally enforceable debt as it is similar to any other situation, as borrowed money from the credit card company and not the casino. There are many credit card companies that regard payment to an internet gambling site as a cash advance. This means that one is borrowing money from the credit card company and the debt one incurs can be pursued through law. Payment through credit card for online gambling can lead to higher interest rates as compared to normal purchases.
The factors which lead to online gambling
- It provides an adrenaline rush and feelings of thrill and excitement that people want to recreate again and again
- Many people thinking that gambling and winning money can solve their problems. Trying to win money, they end up in debts which make it more important for them to win money thus creating a vicious circle.
- Depression and stress are also factors which lead to addiction towards online gambling.
For dealing with debt, one must not consider borrowing more money or paying someone to deal with one’s debt for them. With some advice, one can deal with one’s debts by contacting the creditors and discussing the terms for repayment suitable for the player.
If one thinks that he or she has a problem with online gambling then he or she should take the following steps:
- Be open with family and friends and seek their help
- Cancel any account one has with online gambling sites
- Use software that blocks access to online gambling sites
Keeping records of everything one spends