Stoozing Can Reduce Interest Paid On Credit Cards

Stoozing can reduce interest paid on credit cards. Many credit card companies offer particular introductory interest rate offers in an attempt to win customers. This is like a loss leader in a store - they allure you to utilize their credit cards with a low interest rate, and then increase the APR when you owe them money. Stoozers usage these particular 0% and low interest rate offers to reduce the amount of interest paid over time. Many credit card clients in the United Kingdom have got high balances on which they pay high interest rates. Normal interest rates on credit cards are higher than mortgages and loans - it would not be unusual to salvage thousands of lbs per twelvemonth by stoozing.

A stoozer will take advantage of introductory rates by applying for a credit card with 0% apr and transferring their existent credit card balance to it. After six or nine calendar months (or whenever the free balance transfer time time period ends) they will apply for a new credit card and get the interest free period again. This tin go on until the debt is repaid, saving 100s of lbs in interest.

Some people who stooze make not have got debts. They set the money into a high interest nest egg account (such as an ISA) instead. In this manner the stoozer will actually earn interest.