大象传媒

New UK Finance stats show credit card debt is up 9% in a year, and 50% of that debt has interest charges levied on it.

Speaking to 大象传媒 Radio 5 Live, Martin Lewis gives his advice on how to cut high credit card interest rates, to save you thousands of pounds.

He advises (for those who fit the criteria) to look into a balance transfer credit card.

This is where you apply for a new card to repay existing credit or store cards for you, so you owe the money on that instead, but at 0% interest (ie, interest-free).

Martin says 鈥淐utting the interest means all of your money repays the actual debt and gets you debt free quicker.鈥�

For further information on how to save money, listen to the Martin Lewis podcast.