Martin Lewis has issued a warning to anyone with any debt on their debit or credit card. The BBC and ITV star spoke out on Twitter, now X, with a link to his weekly Money Saving Expert newsletter, which lands in email accounts each Tuesday.
Mr Lewis said: “Financial hangover? Don’t wait for a statement, sort any card debts NOW as each day racks up cost. There are two new 31mth 0% balance transfer deals (longest since 2023). Full masterclass on how to cut existing debt costs & top deals here…”
Mr Lewis wrote: “Happy New Year. Sadly, many people will be starting the year with a financial hangover, awaiting Christmas’s credit card bills due to drop through the door. This debt can feel depressing, dangerous, and debilitating.
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“”Even though it may feel hard to face, the sooner you tackle it, the sooner it can be improved. So don’t wait for a statement, each day’s delay just adds more interest, deal with it now. I’ll take you through the best deals, how best to use them, and how to get free help if you’re in debt crisis.”
MSE reader Trevor emailed last year, saying: “Hi Martin & co. I was paying £300 for two credit cards, costing £76/mth interest. I took out a 28mth 0% deal and transferred both balances to it for a £164 fee. I’ll have it all paid off in 15mths, saving me a bankroll.
“Bangin’! Keep it coming.” Mr Lewis says a 0% balance transfer is where you get a new credit card to pay off debt on your existing cards, so you owe it instead, but with no interest, meaning more of your repayments reduce the actual debt, rather than just cover the interest charge.
Lenders have issued a string of deals to try to win your custom, so you can now shift debt so it’s interest-free until midway through 2027.