After dedicating an entire hour to debt and how to clear it, consumer champion Martin Lewis has issued an urgent warning to anyone who uses a debit card. The money saving expert's alert claimed that the everyday financial staples are 'danger cards' if you have an overdraft on your bank account.
Martin appeared on his dedicated financial show on Tuesday, January 17. During the latest episode of the popular ITV programme - The Martin Lewis Money Show Live - Martin gave several pieces of advice including tips about clearing debts in a particular order and using balance transfers to transfer expensive debts onto 0% interest credit cards.
According to Nottinghamshire Live sister publication Yorkshire Live, the Money Saving Expert set out how overdrafts - the ability to 'go overdrawn' in a bank account and repay the bank the money later, for example to make sure a bill or extra spending isn't stopped by the bank due to lack of funds - is actually the most expensive way to go about borrowing money.
