NORTH CAROLINA -- As credit card debt mounts for Americans across the country, one North Carolina lawmaker is looking for a way to help people make better decisions when it comes to banking online.

  • Rep. David Price, D-NC, believes the best way to fight debt is with knowledge
  • Price says his new bill would ensure that accruing debt is prominently displayed both online and on mobile apps
  • The bill also requires that banks include contact information for credit counseling services to give consumers an avenue to figure out how to resolve their debt

Rep. David Price, D-NC, believes the best way to fight debt is with knowledge. As more Americans rely on mobile apps and the internet for their banking, he wants to make sure consumers online know their options.

“You make your own choice when you see this. Here’s the consequences of the minimum payment, here’s where your debt would go. Here’s what it would take to pay off the debt,” he said.

Today, paper credit card statements sent in the mail include a box outlining how much it will cost over time if you only pay the minimum monthly payment. Price says his new bill would ensure that that same information about accruing debt is prominently displayed both online and on mobile apps.

According to a study commissioned by the National Foundation for Credit Counseling, roughly 38 percent of U.S. households carry credit card debt from month to month.

For 16 percent of U.S. households, that debt totals $2,500 or more.

“Credit card debt is the worst way to borrow money,” Price said. “Your interest rates, the way you can get in over your head very quickly.”

However, even if the consequences are up front and center online and on the app, some say that is only half the battle.

“Many people are in these situations not for lack of knowledge, but for lack of options for their financial situation,” said Bruce McClary, vice president of the National Foundation for Credit Counseling. He hopes at the very least, it motivates people to take action.

The bill also requires that banks include contact information for credit counseling services to give consumers an avenue to figure out how to resolve their debt.

The legislation is so far awaiting a hearing on Capitol Hill.

Get the latest news, sports and weather delivered straight to your inbox. Click here to sign up for email and text alerts.