Martin Lewis has urged people with credit card debt to be aware of an important tip that could make alleviating your Christmas financial “hangover” more manageable.
In a post on X, the Money Saving Expert founder called on Brits to take action to avoid racking up further costs.
He wrote: “Financial hangover? Don’t wait for a statement, sort any card debts NOW as each day racks up cost.
“There are two new 31mth 0% balance transfer deals (longest since 2023). Full masterclass on how to cut existing debt costs & top deals here”, he added, along with a link to his weekly Money Saving Expert newsletter.
In it, he acknowledged many people will be “awaiting Christmas’s credit card bills due to drop through the door” – debts which can feel “depressing, dangerous, and debilitating”.
Lewis continued: “Even though it may feel hard to face, the sooner you tackle it, the sooner it can be improved.
“So don’t wait for a statement. Each day’s delay just adds more interest. Deal with it now.
An approach he recommended was using a new credit card to avoid paying unneccessary interest, pointing to an email last year from MSE reader Trevor, who said: “Hi Martin & co. I was paying £300 for two credit cards, costing £76/mth interest.
“I took out a 28mth 0% deal and transferred both balances to it for a £164 fee. I’ll have it all paid off in 15mths, saving me a bankroll. Bangin’! Keep it coming,” he added.
According to Lewis, a 0% balance transfer allows you to get a new credit card to pay off debt on existing cards.
He explained: “A 0% balance transfer is where you get a new credit card to pay off debt on your existing cards, so you owe it instead, but with no interest.
“This means more of your repayments reduce the actual debt, rather than just cover the interest charge – getting you debt-free quicker”, but warned moneysavers “(just don’t borrow more)”.
There are a series of deals allowing customers to shift debt so it’s free from interest until halways through 2027, as per Birmingham Live.
Those really struggling with debt can contact one-to-one debt-counselling help from Citizens Advice, StepChange, or National Debtline.
Lewis said: “And if you need emotional support, try CAP. They’re there to help, not judge. The most common thing people tell me after going is ‘I finally slept last night’.
“And don’t feel alone, there’s no stigma, you can sort this,” he added, pointing to “inspiring stories” in MSE’s Debt-free wannabe forum, and it’s Mental Health & Debt and Debt crisis help guides.
