Money-saving expert Martin Lewis has shared an unusual way for people who struggle to control their credit card spending to remove the urge to splurge immediately, which could come in handy this week ahead of Black Friday.
During a recent episode of The Money Show Live, the financial guru explained how to borrow using a zero per cent credit card “safely and cheaply”, encouraging viewers to consider this option carefully and only if it was absolutely necessary.
He also advised anyone thinking about applying for a credit card or an overdraft to consider three things first to make sure it is the right solution for them.
Anyone considering taking out a credit card or overdraft should:
- Not borrow unless you really need to and ensure it’s for a planned, budgeted for and affordable one-off purchase
- Borrow the minimum amount possible
- Not borrow if you’re not sure whether to do it or not
But for those who do get a new credit card and are worried about sticking to the plan of not over-spending, especially if you’re tempted to use it for everyday purchases rather than a one-off, the consumer champion offered a quirky way to make sure you can’t easily access the funds using your freezer.
He said: “If you struggle with self-discipline, when you get the card and you’ve used it for what you intend to, get a bowl of water, put it in the bowl of water and put the bowl of water in your freezer - because then you have to smash it before you can use it again.”
While that may seem a bit extreme to some people, it does have merit as the founder of MoneySavingExpert.com often advises people to table any decision on making a big spend for a minimum of two weeks.
That way, if you still need it after the 14 days are up, you can go ahead with the purchase knowing you’re given it the careful consideration it needs - and not just made an impulse buy that may lead to ‘buyer’s remorse’.
He also stressed that borrowing should only be for a crucial need and not just to pay off other debts.
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