Money-saving expert Martin Lewis has lifted the veil on how to borrow interest-free.
ITV’s weekly Martin Lewis Money Show sees the financial journalist and money guru tackle questions from âportfolio watchersâ across the country.
He said: âBorrowing is very cheap right now, from banks that will pay you Â£ 130 to get zero percent overdrafts to long zero percent cards and the boom in buying now pays later.
âYet with rising UK interest rates on cards this may soon change, so if you need to borrow and only if you need it, my big briefing today is how do it safely and at no cost. “
What did his big briefing say?
Don’t borrow unless you need to – make sure it’s for one-off projects that are planned, budgeted and affordable. Borrow the minimum necessary. If in doubt, don’t.
He then highlighted three questions to see if you are in a debt crisis, are you having trouble repaying the minimum monthly payment? Does your total debt (excluding mortgage / student loan) exceed one year of income? Do you have sleepless nights because of your debts?
If viewers answered yes to these questions, he suggested they get help from Citizens Advice and other organizations.
0% interest credit cards
He warned that it was easy to spend too much money on a credit card, and not everyone would be accepted until they revealed the best choices if you could pay off a card featuring Tesco Bank with up to 23. month and M&S Bank at 22 months at zero percent interest.
If you need a cash loan, he pointed to MBNA’s âmoney transferâ for up to 18 months with a minimum 2.99% fee – adding that anyone doing this should be careful.
- The Martin Lewis Money Show Live airs at 8:30 p.m. Thursdays on ITV
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