Martin Lewis shared his top tips for debtors to get rid of it.
At today’s Martin Lewis Money Show Live (Thursday), one thing was clear to the financial guru: Any small cost reduction is useful when trying to pay off a debt.
As such, he shared a checklist of tricks to cut costs and told viewers, “It’s not just what you do, it’s the way you do it”.
The list included the prioritization of paying back debts with the highest interest rates – not the largest -.
He advised anyone who is overdone to postpone their direct debits until just before payday, and says those with savings should use them to repay costly debts.
Martin also touched on the stigma of debt, which puts people more stress on them, saying that no one should be afraid to admit they are in debt.
He also told anyone struggling to pay due to Covid-19 that payment vacation is still available, including up to six months for cards, loans, mortgages and car finance.
As a warning, however, he said this was a last resort as interest would only increase.
As always, Money Saving Expert has a complete guide for those in the know Debt here.
- The Martin Lewis Money Show Live is every Thursday at 8:30 p.m. on ITV