Martin Lewis shares ‘golden rules’ for people trying to clear credit card debt this year

dailyrecord.co.uk:

Martin Lewis dedicated nearly a full hour of his ITV show this week to helping people reduce the amount of debt they owe and finding support if their financial burden is spiralling out of control.

The consumer champion urged people not to shy away from letters or bills due this month, which include the Christmas overspend and may be more than usual.

He told viewers the best way to reduce credit card debt is to move your money to a new card, offering a zero per cent balance transfer.

Martin said the key rules for everyone who owes money are to reduce the amount of interest you pay - typically 25 per cent, repay the borrowed credit as quickly as possible and get advice from a non-profit organisation if it’s becoming unmanageable - don’t suffer in silence.Martin’s simple solution to reducing the amount of money you need to pay back is a zero per cent balance transfer, but before signing up for anything, he said it’s crucial to use an online eligibility checker as this will have the least impact on your credit rating.And it goes without saying, but shop around for the balance transfer with the longest deal as this means you’ll only be paying back the money you owe and not any interest, which is often why people fall into a loop of never-ending credit card debt as interest can be higher than the minimum monthly payment.To help everyone make the best choices, Martin shared his balance transfer ‘golden rules.He explained: “First, clear the debt, or at least balance transfer it again if you can, before 0% ends or you’ll pay that higher 25% APR.