Maxed out students need a fairer deal from banks


The New Zealand Union of Students’ Associations (NZUSA) and Finsec are joining forces to try and keep students out of high-interest debt. The amount students owe on credit cards has increased by 32% since 2004, according to the NZUSA Income and Expenditure Survey. Credit card debt has increased at a higher rate than low to no interest overdrafts.

 “We want banks to value their student customers by easing penalties for default payments and offering no interest overdrafts and loans as last resorts. We want banks to follow the government’s lead and ensure that students aren’t further punished by crippling market interest on their bank debts, especially after graduation,” said Paul Falloon, NZUSA Co-President.

 Finsec says that the student market is key for the banks and that the banks should adopt an ethical approach to student accounts. This would include low interest, low fee credit card options for students and other low income customers. “Better Banks for students will support them through their studies with no-interest packages and not load them up with credit card debt,” said Campaigns Director Andrew Campbell.

 Check out the following links for media coverage of this story and Westpac’s response:


0 Responses to “Maxed out students need a fairer deal from banks”

  1. Leave a Comment

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

You can contact us at:

0800 FINSEC (0800 346 732)

Creative Commons License
Join Now 0800 FINSEC

RSS LabourStart – act now to help other workers

  • An error has occurred; the feed is probably down. Try again later.

Finsec Photos



%d bloggers like this: