Press Office

Auckland, 8 April 2008 - MasterCard Worldwide is taking positive steps to ensure young New Zealanders are equipped with the tools they need to help make the right budgeting decisions.

MasterCard’s Budget Basics provides New Zealanders with a range of valuable tools to arm them with the knowledge to understand their financial situation, develop a personal plan to improve their position and ultimately take action. The programme was launched in 2007 and since then a high number of visitors regularly visit the MasterCard Budget Basics website www.budgetbasics.co.nz.

MasterCard this month provided tertiary students around the country with Budget Basics fliers and posters aimed at equipping young people with information on the easy-to-understand site and ultimately helping to combat the issue of student debt.

“The Budget Basics programme represents a commitment from MasterCard to improve Kiwis’ financial literacy and ultimately their personal financial wellbeing,” said Stuart McKinlay, country manger, New Zealand, MasterCard Worldwide.

“When managed effectively, credit can be an empowering tool enabling New Zealanders to build a positive credit history, buy a house, as well as track and manage everyday spending.”

The Budget Basics site features simple tips to aid people in improving their financial position. These include:

• Assess Debt – The Budget Basics online calculator can assist visitors to the site to assess their current finances and determine the total amount they owe.
• Goal Set – Setting small goals and timelines for achievement to ensure continual improvement of financial position.
• Pay More than the Minimum – This can be the critical first step in reaching goals. Try to pay more than the minimum on each monthly statement.
• Track Spending – Credit enables consumers to track purchases to see where money is being spent
• Understand Interest and Late Fees – Ensuring payment of credit statements by the due month to avoid interest charges and other late fees.

The site also includes useful information about how to identify debt warning signs, and how to understand current credit history as well as current financial resources to help improve the overall financial position.

MasterCard's Budget Basics is not only limited to those that need assistance with their current financial position, but also aims to educate young people about positive financial habits.

“Ensuring young New Zealanders understand how to budget will significantly improve their financial position later on in life as well as help build a healthier New Zealand economy,” added McKinlay.

Further information is available at www.budgetbasics.co.nz.

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MasterCard Worldwide advances global commerce by providing a critical economic link among financial institutions, businesses, cardholders and merchants worldwide. As a franchisor, processor and advisor, MasterCard develops and markets payment solutions, processes over 18 billion transactions each year, and provides industry-leading analysis and consulting services to financial institution customers and merchants. Through its family of brands, including MasterCard®, Maestro® and Cirrus®, MasterCard serves consumers and businesses in more than 210 countries and territories. For more information, go to http://www.mastercard.com.