Martin Lewis debit cards

The money-saving expert gave several pieces of advice around paying back debt, including using balance transfers to shift expensive debts onto 0% interest ...

It's known as snowballing and it means you get rid of your debts more quickly." An overdraft lets you borrow money through your current account by taking out more money than you have in the account. The answer is yes, but only a few specialist cards. "Once that goes, you clear the next and the next and so on. "With a money transfer card you apply for a new card and it pays the money into the bank account for you so you can get rid of your overdraft, you now owe the card. "Then you take all the spare cash you possibly have and you pay the highest interest rate ignoring the others," he added.

Martin Lewis shared an urgent warning about debit cards during a recent episode of his Money Show. The expert said that those struggling need to be wary of ...

The answer is yes, but only a few specialist cards. "With a money transfer card you apply for a new card and it pays the money into the bank account for you so you can get rid of your overdraft, you now owe the card. "Once that goes, you clear the next and the next and so on. "Then you take all the spare cash you possibly have and you pay the highest interest rate ignoring the others," Martin said. "Now the first thing if you're overdrawn is to check your eligibility for a 0% overdraft and to what amount," he said. This is 'double' that of the average high street credit card, which tend to have an interest rate of around 19% APR.