The Martin Lewis Podcast Debt Masterclass: Slash the cost of existing credit cards, overdrafts, loans, BNPL and more
Jan 8, 2026
Dive into a masterclass on managing debt, as strategies for slashing credit card, overdraft, and loan costs are revealed! Learn the dangers of minimum repayments and the importance of prioritizing debts by APR. Discover the ins and outs of balance transfers, including tips on finding the best deals. Plus, insights on why incomes impact credit offers and alternative solutions for those in crisis. Finally, hear practical advice on setting realistic financial goals for the new year and understand the risks associated with buy now, pay later schemes!
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Step-Count Rivalry Gone Too Far
- Martin recounts a fierce step-count rivalry that pushed him to extreme daily steps to beat a friend.
- He won the year-long contest but decided to unlink fitness trackers to avoid future obsession.
Start With A Budget And Emergency Fund
- Do a budget, stop borrowing, and use savings to clear expensive debts where possible.
- Keep a small cash emergency fund only if it doesn't mean keeping high-interest credit card debt.
Minimum Repayments Trap
- Minimum credit card repayments are designed to keep you perpetually in debt and pay lots of interest.
- Paying a fixed amount equal to the initial minimum dramatically shortens repayment and cuts interest paid.