Martin Lewis lays out the best savings deals available
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The financial journalist and founder of MoneySavingExpert.com said people can’t afford not to take his advice for paying off debt. He explained how to go about it including the best zero percent cards currently available.
He said: “When I used to do TV money makeovers, one of the first things I’d do was total someone’s debt.”
Martin continued: “Often it caused them at best a sharp intake of breath, and at worst tears.
“However, while they felt things had just got worse, I explained actually things had just got better.
“Leave debt to fester and it rots – interest keeps accruing and things get worse.
“Stopping new borrowing and tackling it head on means you can reduce the cost and ultimately the debt.”
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There’s no better time than now to get started and face debt head on, he added.
Following his financial advice could save people hundreds, if not thousands, of pounds.
Take John’s story for example – he recently followed Martin’s advice and saved £2,280 over the course of a year.
“Used your site three times to gradually get all my credit card debt to zero percent cards.
“It’s now saving me £190 a month in interest, which I’m using to pay off the debt as quickly as possible.”
The best way to tackle debt is to find a balance transfer card with up to 35 months zero percent interest.
Martin explained: “A zero percent balance transfer is where you get a new card to repay debt on old cards, so you owe it instead but at zero percent.
“Your repayments then clear the debt rather than just mostly cover the interest.
“Go for the lowest fee (including cashback) in the time you’re sure you can repay. Unsure? Play safe and go long.”
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According to Martin the best zero percent balance transfer credit cards are:
- Virgin Money, 35 months zero percent
- HSBC, 31 months zero percent
- Sainsbury’s Bank, up to 21 months zero percent
- HSBC, 20 months, zero percent
Martin Lewis is the founder and chair of MoneySavingExpert.com. To join the 7.5 million people who get his free Money Tips weekly email, go to www.moneysavingexpert.com/latesttip.
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