Martin Lewis gave his essential advice to those dealing with debt on Lorraine this morning (October 19).
The financial adviser was giving his tips on how to cope with debt ahead of his show, The Martin Lewis Money Show Live, on Thursday.
He explained that when people tell him they can't sleep at night due to debt, he would tell them to contact a "non-profit debt counselling agency", such as Citizens Advice or National Debtline.
He said that the debt advice agencies can help from creating a debt plan to "bankruptcy, at the worse end".
Watch the video in full at the top of the page
Martin Lewis said "[bankruptcy] may sound awful, but the truth about bankruptcy is it stops all your debts."
"It stops anyone chasing you." He explained.
"Yes it takes time to re-build your credit worthiness over a number of years, but in some cases even that is the right solution."
He recommended anyone dealing with bankruptcy to contact debt counselling agencies, as they are "completely free".
He added that "the biggest message I get from people" after contacting Citizens Advice, or National Debtline, was "I finally slept last night".
Martin Lewis ended his advice with a hopeful message for people struggling with large amounts of debt.
"I wish you the best", he assured viewers, "don't be scared, deal with it, that's the best way to make it get better."
He insisted that he had "never seen a case of debt that wasn't solvable", in all his years of giving advice.
"There is light at the end of the tunnel", he said, "it may be a long tunnel, but there is light there".
The Martin Lewis Money Show Live is on every Thursday on ITV, at 8:30PM.
