Martin Lewis warning to all credit card holders - if you have debt, move it NOW - Mirror Online

Martin Lewis warning to all credit card holders - if you have debt, move it NOW - Mirror Online



I have credit cards and unlike many people, I'm not afraid to use them. People believe that they should only use their cards in an emergency or for a plethora of other reasons which they put forward not to use them. This is how I use mine.

People put standing orders./direct debits on their bank accounts, thus reducing their monthly cash. l put, as many as I am allowed to do, on credit cards. Some stipulate, bank only. I keep one card for cash withdrawals, ONLY. As you pay off your card bills, cash withdrawals are the last thing to clear. So I take cash and put it in the bank.

I have my groceries delivered, by Tesco and I have a Tesco Card, used solely for food. ASDA do the same system. I have a Littlewoods home shopping account and credit card for household goods, although more and more I use Amazon.  So far, three cards.

When the card bills come in, I either clear them or pay more than the minimum. I withdraw cash, put it in the bank and transfer to card company. I have satisfied my card companies. and only have to pay my cash card bill from my monthly income. My cash card payment is normally less than the sum of my other card payments and is the ONLY payment which actually comes off my monthly income. Therefore you can spread the time to pay by keeping track of dates of bills and keep YOUR monthly income for YOU.  TOO hard,  hear you moan. Well, you are on a computer, ain't you? They have calendars and reminder notifications which you can set up.

Oh the interest is so high..  If you divide down, it ain't much per day and reduces after every payment, which is being made. Your income is not being drastically reduced, every month and if you can possibly save a bit, one interest helps the other.

You should join your local Credit Union. Regular payments show them how much you can afford and you can borrow 3 or 4 times your annual amount. They will part with the money unlike your local bank manager!!

You must be mega rich, big salary, big job. I am a disabled pensioner now and receive less than the weekly average wage, to keep me per month.