How to cut YOUR CREDIT CARD DEBT

Checking if you can save on cards, mortgages and overdrafts is a must-do

- MARTIN LEWIS

The Bank of England base rate is now 10 times higher than it was six months ago - leaping from 0.1% then to 1% today, after four rises. This direction of travel means anyone with debt needs to get on top of it as soon as possible, to make it safer before things get more expensive.

So let me take you through the big categories to see if you can save £100s or even £1,000s.

Mortgages - the cheapest rates have disappeared

The latest 0.25% point base rate increase adds roughly £12 a month per £100,000 of mortgage for those on standard variable rates or tracker mortgages. Those on fixes won't see a change until their deal ends, but then many will be in for a shock. Back in October, there were over 50 fixed-rate mortgage deals below 1%. Now the lowest fix is 2.1%.

With further rate rises predicted, if you're not locked into a fix or your fix is coming to an end, checking whether you can save now is a must-do.

Look at your existing lender's deals. This is called a 'product transfer'. It used to be a c**p option, but these days, as existing lenders can forgo affordability checks if you're not borrowing more and there's likely to be less paperwork and fewer fees, it's a good benchmark.