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.
Income Matters As Much As Credit Score
- Lenders run both credit-score checks and affordability checks using your income on the application.
- Low income can block access to new balance-transfer deals even if credit offers arrive unsolicited.
Overdrafts Often Cost More Than Cards
- Overdrafts are usually the most expensive mainstream debt, often charging ~40% APR.
- You may be paying more by using an overdraft to clear lower-rate credit card debt.