Martin Lewis advised those with multiple debts to tackle the larger interest accounts first.
The Money Saving Expert shared the advice on his ITV programme, The Martin Lewis Money Show, after reassuring his viewers there are simple methods to ease their financial problems.
Discussing the "snowballing" method, Martin told his viewers there was a quick and effective way to clear debts and it can be done by tackling them from largest to smallest.
READ MORE: Martin Lewis alarmed as he issues warning to people using credit cards
He said: "If you have multiple debts the rules change. I want you to list all of your debts in order of interest rate with the highest first which for many will involve an overdraft on a card.
"You take all the spare cash you possibly have and put it all on clearing the highest interest debt and ignore the others. You only pay the minimums on the others - not something I'd normally say but with multiple debts, I would.
"Then [the largest debt] goes because you've paid it off and then you work on clearing the next largest interest debt. Why? Because that's the one growing quickly and costing you the most."
He added: "Then you clear the next and the next and so on. It's what's known as snowballing which means you get rid of your debts sooner."
Martin advised not to take out any more debts during this time and to craft a budget. He suggested using savings to clear of the largest loan as a quick and immediate way of getting rid of the debt which, in the long run, will be more beneficial than slowly paying it off over time.
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