Martin Lewis shared what to do before going down the route of taking out a loan.
The Money Saving Expert advised those watching The Martin Lewis Money Show that there are better options to make before getting a loan. A concerned viewer said she was in debt on both of her credit cards and was hoping Martin could shed some light on the best method to alleviate the problem.
She assumed taking a loan would be the best option considering interest rates and fees but Martin advised against it stating it should be a final option and that she may not be eligible for one regardless.
READ MORE: Martin Lewis alarmed as he issues warning to people using credit cards
The financial expert shared steps to take before giving in to the drastic option of a loan. He said consumers will be faced with an affordably and credit score check before they are able to receive a loan which may stop them dead in their tracks but a successful application may have a negative lasting impact if it is for a small amount.
He said: "The problem, in this case, is that smaller loans' interest rate is much higher than a big loan. I would look first at whether you'd be accepted for a credit card balance transfer to cut the interest costs assuming you can afford to make the minimum repayments rather than a loan.
"If you can't get that then you're probably going to struggle to get a loan but you could talk with your lender who you have the debt with in order to see if they can give you a loan."
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