One caller rang in to ask Martin, will interest rates on credit cards be stopped? Martin explained the interest rates that affect those on mortgages are not the same as those that apply to credit cards.

He shared his thoughts in the Money Saving Expert weekly email.

The expert wrote: “I’ve heard unconfirmed mutterings (though intuitively it makes sense) that credit card firms are already starting to tighten acceptance criteria – never mind the fact many people’s incomes may be compromised.

“Therefore, if you need to cut existing debt costs via zero percent balance transfers, do it ASAP.”

He went on: “New borrowing is trickier. Normally I’m anti-borrowing unless for one-off needed, planned, budgeted-for expenditure (in which case, use our Cheap Loans guide).