“The priority is to stop new borrowing, find free money to increase repayments and try to reduce the interest you pay. This means more of your repayments clear the actual debt rather than just cover the interest, so you can be debt-free quicker.
“If you pay interest on a credit or store card debt, consider a balance transfer card. It’s where you get a new card to pay off debt on other cards, so you owe it instead, but at zero percent.
“The length of top zero percent deals is shorter than a year ago, and I don’t see things improving, so if you’ve debt to shift, it’s best to act quickly.”
If signing up for a new credit card, Martin recommended Britons use an eligibility calculator, such as Martin’s balance transfer eligibility calculator.
He also spoke about the best credit card accounts with zero percent interest.