Martin Lewis shows how to cut credit card debt with simple freezer hack

Martin Lewis said there's a simple way you can slash your credit card debt – and all you need to do is put a bowl of water in the freezer.

If you're struggling to keep up with the ever-growing costs of bills, as well as transferring balances on to 0% interest cards and reducing their highest debts first, he said there's an easy thing you can do to prevent you from using your card.

During his ITV show, Martin Lewis Money Show Live which aired on Tuesday night, he gave people a very handy piece of advice.

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It may seem a bit strange, but the money saving expert said all you need is a fridge freezer, a bowl of water and your credit card.

Martin said the tip is good for anyone looking to prevent those with debts using a 0% card, which he claimed should prioritise on clearing debts.

During the show, he said: "Clear your debts in highest interest order first, which for many will be the overdraft."

For those who have spare cash knocking about, he recommends clearing the highest interest rate debts first.

He said: "You only pay the minimum on the others.

"Then when the top one goes, you focus on clearing the next highest and so on.

"It's called snowballing and it gets rid of your debts more quickly.

"If you have any savings use them to clear the debts.

"If you have an emergency you can always put it back on the card afterwards, you haven't lost anything.

"If you're struggling, tell people you're in debt, tell people you can't afford to buy a round.

"And everyone else, let's not put pressure on people to spend when they don't have the cash."

He also discussed what people should do to clear the debt in more detail, and he have very good advice.

Martin continued: "Set up a direct debit to pay at least the minimum.

"You can pay more, but make sure you're not missing that.

"Next, make sure you clear the card before the 0% ends or you will pay back the 20-22% rate.

"If you can't do that, you need to balance transfer it again.

"Do not spend on these cards.

"Do not withdraw cash on these cards, because that is usually not at a cheap rate.

"These cards are only for shifting debt to. And if you really don't trust yourself, get the card, get a bowl of water.

"Card in the water, bowl in the fridge [freezer], then you'll need a hammer to spend on the card and it might give you a moment of thinking time."


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