How to Understand the Penalties for Credit Card Fraud

Video Transcript

"This is financial adviser Patrick Munro talking about how to understand the penalties for credit card fraud. The word fraud, of course, is indicative of a...not only a misdemeanor, but a felony. And having credit cards is a privilege, not a right. People will get desperate in the economic times and they'll try to apply for credit cards under an assumed name and then not take responsibility for the goods and services that are run up. Eventually, with all of the checks and balances in the credit card system and law enforcement, you would be found out in doing that and have to pay a significant price. In fact, you may be imprisoned for that. So it's important to be honest in all your affairs. You can read the credit card agreements that you do have for your credit cards. Make sure that you don't become a victim of someone taking your credit cards from you and using them for fraudulent purposes. Again, it's all about knowledge and knowledge is power. This is financial adviser Patrick Munro talking about how to be aware of the penalties inherent for a credit card fraud."