Money Saving Expert Martin Lewis has tonight issued a poignant warning to anyone shopping for Christmas gifts this festive period.
Martin issued the warning on his ITV Martin Lewis Money Show on Tuesday. He said: "I think what I would ask that we all try and do is when you are thinking about giving somebody a gift this year, ask yourself truly 'is my gift a help or a hindrance?'. If It's a help, then give it with joy and give it with love.
"If it's a hindrance? Stop." The Money Saving Expert founder also issued a warning over overdrafts.
Read more:Martin Lewis shares simple way to get up to £200 free cash in time for Christmas
He said: "Overdrafts are dangerous debt. Most banks charge 40% interest on overdrafts.
"This all changed with the regulatory change a few years ago. That [the interest] is double a high-street credit card." He added: "So actually, if you have debt on a high-street credit card and debt on your overdraft, you should prioritise paying the overdraft and just paying the minimums on your credit card, which is counter-intuitive to many people, but that's what you need to do.
"Now, you can switch bank accounts if you're overdrawn. There's no guarantee they will match your overdraft but you are allowed to switch. What I would say to anyone who is overdrawn is... treat it like a debt."
Read next:
- Get breaking news by email by signing up to our newsletters
- Yorkshire 'kind and caring' mum died aged 39 from 'silent disease'
- Lidl forced to issue three-items per shopper ration due to shortages
- Devastated Doncaster dad left to raise son alone after wife's tragic death in childbirth
- I'm a Celeb's Seann Walsh's life and Strictly Come dancing scandal with Katya Jones
