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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: Giordano Bruno who wrote (112642)	7/14/2001 3:06:39 PM
From: Box-By-The-Riviera™	Respond to of 436258

If she can't do it, nobody can! <vbg>

To: Giordano Bruno who wrote (112642)	7/14/2001 5:02:21 PM
From: Giordano Bruno	Respond to of 436258

Warnings on Credit Card Bills? Updated: Fri, Jul 13 7:41 AM EDT CANBERRA (Reuters) - Australians' credit card statements could soon carry warnings like those on cigarette packets under a proposal unveiled on Friday. The nation's state and Federal consumer affairs ministers were asked at their annual get-together on Friday to consider stamping monthly credit card bills with "financial health" warnings about how long it would take to pay debts using minimum payment rates. New South Wales Fair Trade Minister John Watkins backed the idea, saying the level of debt being racked up on credit cards in Australia was reaching crisis levels. Outstanding debt on credit cards in Australia increased 59 percent in the past two years, Watkins told Reuters. "The amount owed on credit cards in Australia is now over A$17 billion (US$8.7 billion) and climbing so rapidly the statistics are mind-boggling," he said. He cited the examples of a man who had to repay his son's A$28,000 debt on 14 separate cards, and a women on a disability pension with a 10-year-old daughter who ran up a A$30,000 credit card debt over four years. "Knowing the risk to their financial health would be a real shock to a lot of people and it would influence their decisions when considering increased credit limits," he said. The proposal, which also targets credit card offers and offers of increased credit account limits, needs the support of two-thirds of the ministers to become official. It was not known when a vote would be taken. If adopted, lenders would have to obtain full details of the borrowers' other credit cards, debts and monthly commitments before offering credit limit increases or risk fines of up to A$500,000 (US$255,000) for each breach. news.excite.ca