Martin Lewis has issued an 'important alert' to the millions of people in the UK who carry debt on a credit card or store card, warning that rising interest rates are likely to bring significant changes to balance transfer deals.
The money-saving expert said shorter 0% interest periods, higher one-off fees, and increased rates once the deal expires are all on the cards. He added that the most difficult change to spot would be tighter eligibility criteria, meaning fewer people will qualify for the best deals.
What Lewis said
Speaking on X, Lewis said: "This is a warning for anyone who has existing debt on credit or store cards. I'm concerned the deals you can get to cut the cost are about to get worse. So acting sooner is safer."
He urged people not to delay in securing a deal, adding: "Get your skates on."
Impact on card users
With debt charity StepChange reporting that 18 million people in the UK hold credit card debt, the warning comes as balance transfer deals—the 0% interest arrangements that many use to manage their debt—are expected to become less favourable.
Such deals can currently be secured at NatWest, Barclays, Nationwide, HSBC and Lloyds among others.
