the state of stoozing 2009

jamescredmond

indulge me, if you will.

I started stoozing 3 yrs ago, so missed out on the more lucrative 'golden years'.

that said, I've still made a fair amount and I'd like to thank everyone (esp. ysboy) for the advice /support.

but, following the recent US implosions (lehmans, f. mac, f. mae ) I'm becoming concerned for the future of stoozing.

I read (and got quickly bored with) the armegeddon-type posts that went along the lines of 'end of stoozing' some 12 months ago.

but we're in a different environment now, and it doesn't look good.

will we be OK?

will new constraints wipe most people off the map until things recover?

comments welcomed.

CannyJock

If you've read about YorkshireBoy's recent repeat deal exploits over on the stoozing site forum you'd be rolling your sleeves up getting ready for a few rounds of applications

How they can afford it in current climate I've no idea, but at the end of the day they have offers there to lure you in and they've still got a business to run.

Clariman

I don't think that it's all bad. Take a look at this credit crunch article which I wrote for the stoozing newsletter earlier this year.

Clariman

Milarky

Whilst the nature of promotional offers has changed - with a shift to longer periods (standard used to be '6 months', remember) and hefty fees, it's remarkable (IMO) that credit card issuers haven't gone further to eliminate the stoozing 'niches' whilst retaining some incentives to attract 'chronic' debtors - the ones from whom they make steady incomes/profits.

For instance, few people would choose to stooze at 5.9% (it is possible for non taxpayers, just) so why not just limit your offers to 5.9% for 2 years or something like that? Customers who take this will either be 'rate tarts' or less organised still - and the bank gets a lot of interest over two years.

But it must be the search for profit which drives the current loss-leading offers - meaning that 0% for 'X' months will be offered - followed by a much higher 'standard' APR. Stoozers are like 'ticks' to the banks, they are aware of our presence, but it must be much more important to them to be able to market of the basis of 0% than get rid of us by moving away from 0% altogether.

It isn't really 'stoozing' that has outlived all expectations, it is the persistance of offers not intended for stoozers that has.