Credit Card FAQ
What is the Sentence for Credit Card Fraud?
Fraud in the financial sector in general has been the headline for most news stations over the past few years. With the aftershocks of recent recession still being felt in the recovery phase, many experts now blame the initial cause of the economy downturn due to the large number of frauds that were commitment by established and reputable organizations. Where money is being borrowed and is expected to be repaid back with interest, it is impossible to avoid fraud taking place. Credit cards are an increasing source of finance for over 85% of the world population a recent survey showed. What that basically means is that 85% of the global population is in some form of debt regardless of how substantial the amount is. Due the complexity of the terms and conditions and how a credit card works in general, the likelihood of fraud is known to be much greater than normal.
With job shortages and expenses rising at a constant pace, crime rates in a number of different forms is obviously expected. Even thought credit card fraud is also on an all time high, most people that are concerned with the sentence for credit card fraud is more to do with in relation to not being able to meet repayments or unauthorized use of your credit card. The actual sentence of credit card fraud being committed is usually jail sentence depending on the severity of your case and a number of other factors. Some other factors that are taken into consideration will include your personal motive, previous criminal record if one exists and the state in which you are located. Every state in the United States and across the globe is known to have different punishments for similar crimes. How severe or lenient your sentence is will have a lot to do with where you are prosecuted.
In other scenarios where you are not able to meet your credit card repayments, the sentence would vary quite significantly. The thing with credit card fraud is that the topic itself is too broad to be able to simply give a one word answer as to the punishment that you will be given. A number of things are needed to be taken into consideration before a final verdict is announced. The least damaging circumstance that a person can see themselves in after falling into the category of credit card fraud is having to pay a fine. The amount of fine that you will be expected to pay will vary quite significantly once again depending on the situation of the case.
If you do find yourself in a situation where you are asking the question as to what the sentence would be for credit card fraud, it may be a good idea to seek some legal advice by visiting a lawyer. They would be in a more qualified position to give you a much better opinion which will be solely personal to your individual circumstances. It is important that you seek professional advice sooner rather than later as delaying the situation could prove to be more costly in the long run.
Discuss this topic at Credit card fraud penalty forum.
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