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Martin Lewis is urging anyone in the UK who is struggling with debt to carry out a two-minute “check” on their credit card.
The personal finance expert is recommending those dealing with debt apply for a zero percent balance transfer credit card.
According to Mr Lewis, someone applying for this card could save people hundreds of pounds in cash.
This is because balance credit cards are suited for people who have debt spread across multiple cards or when interest rates are on the rise.
However, Martin Lewis is sounding the alarm that many banks are pulling their zero-percent offers so those in debt may have a limited to take advantage of this option.
In his most recent Money Saving Expert newsletter, the debt expert advised those looking to save money on what they should be doing.
He explained: “Immediately take two minutes to check if you can shift debt to an interest-free balance transfer card and cut hundreds of pounds of unnecessary interest.”
As well as this, The Martin Lewis Money Show host highlighted that Brtions only have a certain amount of time left to carry this out.
Mr Lewis added: “Don’t delay. It’s very likely most top deals will be pulled soon.”
Balance credit cards permit savers to move the balance from other cards onto a new one and pay no interest over a period of time.
As a result of this, those straddled with debt will find it easier to make their repayments as they are avoiding paying the interest.
Mr Lewis suggests this option as it allows people to prioritise paying off their debt as opposed to the interest being added to it.
It should be noted that the balance cannot be transferred between credit cards from the same financial institution.
Savers can begin the application process for a zero-percent balance credit card over the phone or online.
Once an application is accepted, the transfer of the balance will need to be completed within a set period.
The finance expert suggests that Britons use an eligibility calculator before applying for a new card.
This is due to the fact that any credit application will appear on someone’s credit file and affect their eventual score.
Martin Lewis is the Founder and Chair of MoneySavingExpert.com. To join the 13 million people who get his free Money Tips weekly email, go to www.moneysavingexpert.com/latesttip.
