Martin Lewis reveals his top tip to help you regain control of your finances if you're struggling with debt

Fionnuala Boyle

27 January 2025 at 5:45 pm·2-min read

Martin Lewis seen at the BBC in London. He is smiling and wearing a black blazer with a white shirt and jeans. — -Credit:2018 Simon James / GC

January and the beginning of the year in general can be a difficult month for people financially. Your bank account may have taken a battering from splurging over the festive period, and you're wondering how to recoup.

The solution to getting your monies back in order could be a lot simpler than you think, though. Martin Lewis, TV money expert, has revealed his top tip to help you regain control of your finances if you're struggling with debt.

Speaking to This Morning viewers last week, the financial broadcaster and journalist outlined a helpful way to work through your spending, and get back on an even keel.

"When you have a range of credit card debt or all debt, you should list them all in the interest rate order from highest to lowest," Lewis explained.

"You should pay the minimums on everything - but the one that is the highest interest rate and any spare cash you have should go towards clearing the highest interest rate."

Clarifying the point, he added: "Not the biggest debt - the highest interest rate. Because that's the one that's growing quickest.

Senior Woman In Wheelchair With USA Energy Bill By Radiator In Cost Of Living Energy Crisis — Scots may have been counting down the days until they got their January pay through -Credit:iStockphoto / Getty

"Once that's gone, move to the second highest interest rates. You should of course make sure all the interest rates are as low as possible."

According to a YouGov survey in September 2024, 28 per cent of Scottish adults have credit card debt. This is the most common type of borrowing among Scottish adults.

It comes after Martin Lewis also revealed two methods to avoid paying tax on your savings - and they're both completely legal.

It's useful to know as most of us could do with paying less tax, especially in the cost-of-living crisis, which has increased debt levels for many people in Scotland.

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