Martin Lewis has given anyone trying to cut down on their credit card debt an unusual piece of advice that could help stop them spending money they don't have.
The MoneySavingExpert founder explained the tip on the latest episode of his ITV Money Show Live - and it simply involves putting a bowl of water in the freezer. Martin said that this advice is designed to prevent those with debts using a 0% balance transfer card, which he said should focus on clearing debts, The Mirror reports.
"Clear your debts in highest interest order first, which for many will be the overdraft," the expert told viewers. "You only pay the minimum on the others.
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"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," he explained.
"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.
He added: "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."
Advising people on how to clear their debt, Martin instructed: "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," he warned.
For those who may find themselves tempted to keep spending, this is where the unconventional freezer tip comes in. "If you really don't trust yourself, get the card, get a bowl of water," Martin instructed.
"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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