Labor wants “health” warnings on cards
The Federal Opposition wants to see debt warnings on credit card statements, along with fact boxes including such information as the interest rate, interest-free period and the annual fee. Warnings could also include statements on how long it would take a card holder to pay off the entire debt if only paying the minimum monthly amount. Labor's financial services spokesman Stephen Conroy outlined the proposals at an international consumer credit conference and said such fact boxes have existed for some time in the US and are about to be introduced in the UK. Labor's banking policy would include greater transparency on interest rates for consumers and called for more competition in the credit card market.