Martin Lewis reveals first step to clearing thousands of pounds of debt – here’s what you must do now

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MARTIN Lewis has revealed how Brits can clear hundreds of kilos of debt racked up on credit score and debit playing cards.

The MoneySavingExpert founder defined how making use of for steadiness transfers is a good suggestion – even when it hurst your credit score rating.

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Martin Lewis defined steadiness transfers on his presentCredit score: ITV

If in case you have credit score or retailer card money owed money owed which can be gaining curiosity you’ll be able to transfer the cash you owe onto the brand new card.

Meaning you’ll be able to deal with repaying the debt, fairly than the quantity added in curiosity, and it will probably allow you to get again within the black quicker.

“If in case you have bought bank card money owed and you should type them sooner is safer,” he informed his present on ITV.

“If you cannot afford to clear your credit score or retailer playing cards in full you’ll be able to’t afford to not verify for a 0% steadiness switch.

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“It is a new bank card that pays off your previous bank card.”

MoneySavingExpert has a comparability software that will help you resolve which steadiness switch card will give you the results you want.

It is price noting that solely folks with the very best credit score rankings can be accepted for the highest offers although.

Even for those who do get accepted, you might also be supplied a smaller 0% interval and be charged an even bigger switch payment.

You must by no means miss the minimal month-to-month reimbursement otherwise you may lose the 0% interest-free interval, which means it should price you extra.

After the interest-fee interval you can be charged 21.9% per yr, so be certain to repay your money owed by then or think about switching the remaining steadiness to a different card.



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