Martin Lewis, renowned financial expert, provided viewers with practical advice on managing debt and accessing support during financial hardships. He emphasized prompt bill payment, recommended balance transfers to minimize interest charges, and stressed seeking help from non-profit organizations.
Martin Lewis offered crucial advice on managing debt and finding support during financial difficulties on his ITV show. He emphasized the importance of addressing outstanding bills promptly, acknowledging that they might be higher than usual due to Christmas spending. Lewis recommended transferring credit card balances to cards with zero percent interest rates to minimize accruing interest and accelerate repayment.
However, he stressed the need to use online eligibility checkers before committing to any deals, as this minimizes the impact on credit scores and allows for comparison shopping for the most advantageous terms. He cautioned viewers against accepting deals they cannot afford, as this could lead to a cycle of perpetual debt, where only interest is paid, potentially exceeding minimum monthly payments. Lewis also urged viewers to seek guidance from non-profit organizations like StepChange and the National Debt Helpline for comprehensive financial and emotional support. He shared his 'golden rules' for balance transfers: clear the debt or transfer again before the 0% period ends, never miss minimum repayments, set up Direct Debits to ensure timely payments, avoid spending or withdrawing cash on the new card, and aim to complete the transfer during application (within the 60 to 90-day window if not immediately). Lewis reiterated the availability of assistance for those struggling with debt, mentioning charities and organizations capable of negotiating with creditors for breathing space or payment holidays. He highlighted free, confidential, and impartial advice for those needing help with money, debt, or accessing financial support. The Martin Lewis Money Show Live is available to watch on STV Player or ITVX
DEBT REDUCTION MARTIN LEWIS BALANCE TRANSFERS FINANCIAL SUPPORT NON-PROFIT ORGANIZATIONS
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