Money Saving Expert founder Martin Lewis urges people to repay more than the minimum amount on their credit cards to avoid paying thousands in interest and staying in debt for years. He highlights the common trap of only making minimum repayments, which prolongs debt and increases interest costs. Lewis emphasizes the benefits of paying a fixed amount or as much as possible each month, using examples to illustrate the significant savings achievable. He also advises prioritizing repayments on high-interest debts first.
The MSE founder urged people to repay more than the minimum Martin Lewis has shared the ‘evil genius’ way lenders keep people on the hook — so if you’re one of the 36.2 million Brits with a credit card, you best listen up. In the latest edition of his newsletter, the Money Saving Expert founder focused on dealing with debt, offering tips on how to reduce interest and repay as quickly as possible.
On top of that, these minimum credit card balance payers are 65% more likely to budget using buy now, pay later services compared to the average UK adult, and 42% more likely to claim they tend to spend money without thinking. To help ‘beat the minimum repayment trap’, using this MSE calculator is a good place to start, allowing you you see the long-term benefits of paying more.
DEBT CREDIT CARDS INTEREST MARTIN LEWIS MONEY SAVING EXPERT
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