Put Warnings on Credit Cards

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The average Canadian carries $22,000 in consumer debt, with close to 25% of that attributable to credit cards. With delinquency on the rise and Canadians sinking deeper and deeper into debt, something needs to change if consumers can ever hope to fix their finances.

It is time for the credit card companies to be honest and upfront with their customers by placing truthful warnings on their product. Currently, there are warnings on cigarette packages with similar warnings in the works for alcohol. Fast food restaurants must now list calorie-counts on all food. Yet there are no warnings on credit cards. This needs to change.


The general lack of understanding of how interest is calculated and accrued can lead to mountains of debt, which in turn can create poor credit scores and an abundance of interest-related dues. Such crippling financial debt leads to stress and anxiety, causing any number of health-related issues from obesity to heart disease.

Lendful is calling for change, lobbying for warnings to be placed on credit cards and applications for credit. By signing this petition, you are fighting to help Canadians from drowning in debt.

 



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