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Need to know
Martin Lewis has issued an ‘important alert’ to large numbers of Brits
Martin Lewis issues ‘alert’ and says ‘get your skates on’ – what you need to know
- Martin Lewis admitted he is ‘concerned’ as he issued an ‘important alert’ to the millions of people across the UK who carry debt on a credit card or store card.
- The money-saving expert warned that rising interest rates are likely to bring four significant changes to balance transfer deals — the 0% interest arrangements that many people use to manage their debt.
- Such deals can be secured at NatWest, Barclays, Nationwide, HSBC and Lloyds, among others.
- Lewis said shorter 0% periods, higher one-off fees, and increased rates once the deal expires are all on the cards. However, he warned the most difficult change to spot would be tighter eligibility criteria, meaning fewer people will qualify for the best deals.
- Speaking on X, he said: “This is a warning for anyone who has existing debt on credit or store cards. I’m concerned the deals you can get to cut the cost are about to get worse. So acting sooner is safer.”
- With debt charity StepChange reporting that 18 million people in the UK hold credit card debt, Lewis urged people not to delay in securing a deal, adding: ‘Get your skates on.”
READ THE FULL STORY: Martin Lewis major new Friday warning over ‘subtle changes’ – could affect millions
