Martin Lewis says 'spread the word' and shares 'cheapest' way to repay credit card debt
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Martin Lewis has shared one of the "cheapest" ways you can repay your credit card debts. The Money Saving Expert (MSE) website founder returned to screens this evening for his Martin Lewis Money Show debt-buster special on ITV. Tonight's episode - of course - focused on all things debt, including credit cards, overdrafts and loans. In the preview before the show, Martin told viewers to "spread the word" as tonight's show and at the beginning of the show added: "If you know someone this affects, message them now, tell them to watch, this is important.".
Martin opened the show by explaining what the term "balance transfer" meant and how this could help you tackle any credit card debts. A balance transfer is when you move your existing credit card balance to a new card with a 0% period, so you stop paying interest for a set period of time. By not paying interest, you'll clear your credit card debt more quickly and only pay back what you owe.
He explained: "Okay, so what is a 0% balance transfer? This is the cutting the cost of existing debts. It's absolutely a crucial weapon in cutting debt. I want to really break it down for you.". Have you managed to pay off debt using this Martin Lewis tip? Then let us know by emailing: mirror.money.saving@mirror.co.uk.
To help make it clearer for viewers, Martin said you should imagine that you have £2,300 worth of debt. One of the debts is £900, and this is on a "stale card", and the other is worth £1,400 and is on a "rotten card" He added: "So what you do? Well, you apply for a new card that's got a specific balance transfer deal to shift the debt.
