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Last week, President Obama signed legislation that limits the credit card industry’s ability to raise rates, penalize late payers and issue credit cards to people under 21. As consumers, we are thrilled. But as professional communicators, we believe that Congress and the White House have overlooked a simple innovation that could be as powerful as these reforms, if not more so.
Inspired by the Nutrition Facts label found on food packaging, we designed its equivalent for credit cards: an easy-to-understand chart that would simply and clearly lay out interest rates, card fees and payment terms so consumers could understand their accounts. Just as Nutrition Facts help us make smart choices about food, Credit Card Facts would enable consumers to make informed choices about acquiring and using credit cards...
Inspired by the Nutrition Facts label found on food packaging, we designed its equivalent for credit cards: an easy-to-understand chart that would simply and clearly lay out interest rates, card fees and payment terms so consumers could understand their accounts. Just as Nutrition Facts help us make smart choices about food, Credit Card Facts would enable consumers to make informed choices about acquiring and using credit cards...
