You know that nutrition facts label you try to avoid when you’re munching on your third bowl of chips? Imagine if financial products had something similar that provided clear loan information to consumers. Some advocates think this could really help people make better choices when borrowing money. There are so many ways to borrow — like credit card cash advances, payday loans, or home equity loans — but it can be tough to figure out how much you’ll actually have to pay back in interest. Product labels with information like interest rates and monthly payments right up front would provide a one-stop shop to help Canadians choose the best option, and better understand what they’re signing on for. Although Canada doesn’t have these kinds of labels yet, both Canada and the U.S. have rolled out measures to make mortgage-related costs clearer in an effort to help consumers. In reality, a full financial product label is likely far off from happening due to the major lift it would take to implement, but it’s a pretty neat idea.