Martin clueless Lewis

20
Found 28th Mar
I've known it for years but he's finally admitted it on his weekly email.

Common sense dictates that a 28m o% balance transfer with no fee is far superior to a 32m balance transfer with a 1.5% fee



Martin: 'Length isn't everything... now's the time to grab a NO-FEE 0% debt shift'

Paying credit card interest? Sort it quick as deals are getting worse

It's taken me a while, but finally I've come to believe longer isn't always better. For years when listing balance transfer cards, which cut the cost of existing debt, I've always led on the longest 0% deals.

Yet they charge a one-off fee, which has been as high as £40 per £1,000 shifted. And after years of 0% deals getting ever longer, now they're shrinking. Today's best is 36mths, a year ago it was 43mths.

The longest NO-FEE deals however have stayed stable at 28mths 0% - so for most, now, the extra length hardly justifies the fee. And as the direction of travel seems to be shorter 0%s, sorting sooner is safer. Here's what you need to know...
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I'd always assumed girth was more important than length.
20 Comments
You should start your own website providing personal financial tips rather than an LSE graduate who masquerades as knowledgeable. He must have convinced all those people who recommend him after saving thousands of £'s to pretend that his advice was useful.

Perhaps you can start recommending your tips on this website since you must have so much advice which would benefit HUKD'ers.
I'd always assumed girth was more important than length.
Sadly, I long ago realised that MSE has its merits but (mis)advising people on personal debt was not his forte. Paying debts off is the key. Not moving them around.

Having said that, his comments on Student Loans (yes, we all hate them but they are a fact of life) are salient when making a decision.
ccnp5 m ago

Jimmythefr...................... KEITH? Wasn't it washing machines …Jimmythefr...................... KEITH? Wasn't it washing machines rather than fridges? And white goods?


Eh?
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deleted8996
Martin Lewis is an absolute charlatan. He championed the Crown Currency ponzi scheme, but soon washed his hands of the firm and denied recommending them when they went belly up.
ccnp13 m ago

Sadly, I long ago realised that MSE has its merits but (mis)advising …Sadly, I long ago realised that MSE has its merits but (mis)advising people on personal debt was not his forte. Paying debts off is the key. Not moving them around. Having said that, his comments on Student Loans (yes, we all hate them but they are a fact of life) are salient when making a decision.


Paying debts off does not suit everyone depending on age/personal sitatuation/cash invested growth rate.

If the debt offered is cheap and manageable as well as the money being invested in something which will grow in value far faster than the debt would increase - then it makes sense.

Lots of people buy properties which involved getting in debt (mortgage) and have gained through asset value, roof over their heads and paying a minimal interest rate.
Lots of people have used 0% credit cards and paying them off in full (card-tarting)

Not sure why you suggest the paying debts off is 'the key' for everyone??
That's fine, don't pay them off while you can. I am sure you won't have anything to worry about later in life..
jimmy_the_fridge28th Mar

I'd always assumed girth was more important than length.


Nothing is better than girth or length.
ccnp1 h, 50 m ago

That's fine, don't pay them off while you can. I am sure you won't have …That's fine, don't pay them off while you can. I am sure you won't have anything to worry about later in life..


Martin Lewis has only recommended utilising cheap/zero rates when you have the ability to repay or if you're trying to escape higher rates on debt which you can't afford to repay. What's wrong with that.

He has only ever congratulated people who have succesfully paid off debt or escaped unreasonable loan/mtge rates or challenged big companies who try to confuse customers with complex or unreasonable T&Cs - he showed most people for free how to reclaim PPI without using the PPI cowboys
Everything he says is a no brainier.
I read somewhere he is worth £30m !
I've learnt loads from his website. As with all things in life do your research when you read something on the Internet. Be it mse or any other consumer website.
Edited by: "RedLozzer" 28th Mar
SteMoss2 h, 24 m ago

I read somewhere he is worth £30m !


He made a few quid when he sold mse.
Do they still have free balance transfers with 0%?

Time to become a rate tart once again
sydney87130 m ago

Do they still have free balance transfers with 0%? Time to become a rate …Do they still have free balance transfers with 0%? Time to become a rate tart once again


Yes, that's what's being referenced in the original post, e.g. they're typically shorter periods but no fee.

hotukdeals.com/dea…745

Lloyds link above, I think there may still be a Halifax and Sainsburys one too - have a search.
RedLozzer1 h, 11 m ago

I've learnt loads from his website. As with all things in life do your …I've learnt loads from his website. As with all things in life do your research when you read something on the Internet. Be it mse or any other consumer website.


Agree. I highly recommend most of his advice. Well researched and well explained.
ccnp7 h, 51 m ago

Sadly, I long ago realised that MSE has its merits but (mis)advising …Sadly, I long ago realised that MSE has its merits but (mis)advising people on personal debt was not his forte. Paying debts off is the key. Not moving them around. Having said that, his comments on Student Loans (yes, we all hate them but they are a fact of life) are salient when making a decision.



Moving them about is part of the bigger picture.

If you have two credit cards with a £5k balance on each one.
One is on 22.9% and the other 18.9% and you still have credit worthiness.
You switch the 22.9% to a 0%, pay the minimum. Then over pay on the 18.9%
When the 0% expires. You will have more funds available to over pay more on the 22.9% card bringing the balance and Interest due down faster.

At the end of the day self control maters but so does playing the game.
Oneday7750 m ago

Moving them about is part of the bigger picture.If you have two credit …Moving them about is part of the bigger picture.If you have two credit cards with a £5k balance on each one.One is on 22.9% and the other 18.9% and you still have credit worthiness.You switch the 22.9% to a 0%, pay the minimum. Then over pay on the 18.9%When the 0% expires. You will have more funds available to over pay more on the 22.9% card bringing the balance and Interest due down faster.At the end of the day self control maters but so does playing the game.


Cutting them up also helps too. The classic oh I’ll keep it for emergencies just allows people to rack it up again!!
Living within your means is an idea, but then too many people lack discipline. Also wouldn't your credit file take a hit with all those new credit card applications?
cmdr_elito9 h, 23 m ago

Cutting them up also helps too. The classic oh I’ll keep it for e …Cutting them up also helps too. The classic oh I’ll keep it for emergencies just allows people to rack it up again!!



Yes it does, in the scenario people would still have that option.

jordanleno8 h, 54 m ago

Living within your means is an idea, but then too many people lack …Living within your means is an idea, but then too many people lack discipline. Also wouldn't your credit file take a hit with all those new credit card applications?



It isn't always about discipline. If you save 10 years to get a house deposit and budget for furniture, etc. Do you hold off another year sinking money into rent before adding a rainy day fund?
If you buy the house, furnish it. Then 6 months in your boiler packs in and you have half the money. What do you suggest then?
What if the 5 year old car you have throws a piston, the boiler, in the house, goes which is over 15 years old so couldn't be insured and a promotion crops up but requires some additional qualifications to pay for.

Credit searches drop off your file, it is seen as being more an issue with high frequency than out right number. 10 searches in 3 months is worse than 3 searches in 10 years.
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