Iraq Forgives 80% of Mozambique's Debt, Restructures Balance

Financial experts are advising credit card holders on effective strategies to manage and reduce debt. Martin Lewis emphasizes the benefits of using a balance transfer credit card, which allows consumers to shift high-interest debt to a new card with a 0% interest rate for a limited time, thus enabling faster repayment. This method can significantly cut down on interest payments, allowing borrowers to focus on reducing their principal debt. Additionally, using a personal loan to consolidate credit card debt can be advantageous if it offers lower interest rates, though it is crucial for borrowers to assess their spending habits first. On the other hand, some experts suggest avoiding credit altogether by planning ahead for holiday expenses, advocating for a cash-based budgeting approach. Overall, these strategies aim to help individuals regain control over their financial situations and avoid falling into deeper debt.