Martin Lewis has shared his simple 'snowball' trick that could help anyone who has an overdraft or is in debt. The MoneySavingExpert founder said that it's an effective way to clear any outstanding debts.
Speaking on ITV's The Martin Lewis Money Show Live on Tuesday night, he said: "I want you to list all your debts in order of interest rates, highest first, which for many will be the overdraft."Then you take all the spare cash you possibly have and you put it at clearing the highest interest rate debt. Only pay the minimum on the others. Not something I would normally say, but with multiple debts, I would.
He added: "Of course within all of this, try not to borrow anymore as that is going to make life more difficult." After this section of his show, the Money Saving Expert noted that during this cost of living crisis, there is a lot of "peer pressure" to spend. He said: "If you're struggling, I would be open about it. Tell people you're in debt. Tell people you can't afford it and can't afford to go to dinner with you.
Source: Entertainment Trends (entertainmenttrends.net)
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