“We still don’t know the full ramifications of the Covid-19 pandemic on the nation’s personal finances. So, until it becomes clearer it is better to err on the side of caution with our hard-earned pay, save it or use it to pay off existing debts.”

4. What advice do you have for people who are spending in their overdrafts and have credit card debts during this time?

According to Money Saving Expert, First Direct and HSBC are offering credit card payment holidays. Credit card rates are mostly unaffected by the UK rate change. And most banks and card firms will allow emergency credit limit increases. You can find more information here.

If you’re worried about paying off your credit card during this time, Haqqi shared advice and tips, saying: “Paying interest on debt is one area many people are spending money when they don’t need to be. If you are paying off existing debt on a credit card that’s charging you interest, you can avoid paying another penny more by shifting it to a 0% balance transfer credit card.

“If you don’t have debt but are planning to spend on a credit card, a 0% purchase card lets you spread the cost of your spending over a number of months, interest-free.

“Another simple way to avoid paying interest on your credit cards is to make sure you always clear your credit card balance in full at the end of every month. You won’t be charged interest and, if you have a cashback [card], you’ll get something back.

“There are a number of banks offering cashback for switching your current account. It’s free cash but does come with stipulations, so make sure you always read the small print.”

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