Cigarettes, alcohol, keyboards, McDonald's coffee, chainsaws...and credit cards?
Credit cards may soon join the ever-growing list of products that are marked with a warning label. According to the Herald Sun newspaper, Australian lawmakers are pushing for a health warning to be printed on all credit card statements:
The warnings would detail the ultimate cost and time of paying off the credit card debt in minimum monthly repayments.
Banks and other lenders would be forced to print the warnings on the bottom of monthly statements as part of an overhaul of the state's credit laws.
The national debt in Australia is $34.2 billion and the government is worried that consumers are struggling with credit card issues. As for exactly what the warning message would say, that wasn't included in the article. How about: "Warning: Using credit cards irresponsibly can cause damage to your finances, savings and credit scores" or "Warning: Not paying your credit card balances in full each month can lead to expensive finance charges and credit problems."
Share your ideas for credit card warning labels in the comments section below. The person with the best submission will be awarded a free copy of the book Credit Scores, Credit Cards for their creativity! Enter your ideas for a warning label before the end of the week to qualify!
Warning: Credit cards may cause increased blood pressure, ulcers and heartburn
(I know this from experience!)
Posted by: SkiJoe | March 01, 2006 at 09:38 AM
This is a great idea and can be a good reminder about using and abusing credit cards. I think it can help. Especially when we are young and are not aware of what can happen to us in the future as a result of not paying our bills.
Posted by: Shannon | March 01, 2006 at 09:49 AM
Don't forget - "Not using credit cards can lower your credit score"
You can't win either way!
Posted by: Bonnie | March 01, 2006 at 10:26 AM
Warning: Excessive use of credit cards will lead to fancy and impressive material possessions that will significantly increase your comfort level and improve your overall lifestyle, making it all the more bitter an experience when everything gets repossessed because you've declared bankruptcy.
Posted by: cory | March 01, 2006 at 10:34 AM
WARNING: Making minimum payments will last a lifetime.
WARNING: A high credit limit does not mean you're rich.
WARNING: A credit card is not a winning lottery ticket.
Posted by: Tim | March 01, 2006 at 12:49 PM
Warning: Credit card use may lead to financial disorientation and budget blindness
Posted by: TomD | March 01, 2006 at 02:49 PM
I totally agree with that label. I just posted a two part entry on my credi card addiction. I am going to post another one tomorrow to show a clearer picture of how bad I was.
I will be back to post a warning label, I have to really think about it...
Posted by: supermom_in_ny | March 01, 2006 at 07:01 PM
Great warning label ideas so far! Keep 'em coming!
Posted by: Emily Davidson | March 02, 2006 at 08:24 AM
WARNING: A credit card is light but the debt is heavy.
WARNING: Once you swipe - you can't stop.
WARNING: One swipe is all it takes.
Haha! This is fun. Cool post, nice warnings everyone!
Posted by: MyMoneyForest | March 03, 2006 at 12:30 AM