When to stop?

Plasticman

I've been stoozing for a long time but have ramped it up a bit recently as I don't have to worry about my credit score any more (mortgage paid off etc). I've currently got about £45K of 0% debt on credit cards with available credit totalling £115K across all of my cards. I've been reluctant to close any cards down because 0% balance transfer deals pop up from time to time on the existing cards. My current 0% spending card is coming to an end soon and I'm wondering whether it's time to start closing down any unused cards or just shuffle the £45K around for a while and not increase it any more. Any thoughts?

born_again

Credit score is a pointless figure made up by the CRA, that no one other than you & them ever see.

Brie

Do you need the debt? I mean could you pay it off even if that means a couple of years? That's what I did as the deals came to an end. I would shift the money if needed but gradually went from about £50k and am down to total debts of under £8k which includes the cards that are paid in full each month (used for day to day stuff and travel) and a Creation account for a new kitchen we had done 2 years back (under 2 years to run at 0% but monthly payments will clear it)

If you need to maintain a certain level of debt and therefore need to the cards to shift things about then I would say there's something the matter with your budget (there was with mine) and you need to address that at some point. The biggest worry for me was that I knew what I was doing moving the money about but if anything happened my OH wouldn't have had a clue.

Maybe you don't need to close the cards but perhaps reduce the limit on some? If they go unused the banks will close them eventually in any case which they may say is a measure to keep you safe from card fraud. In reality it looks better on their accounts if they don't have too much credit limit liability.

Plasticman

https://forums.moneysavingexpert.com/discussion/comment/81928150#Comment_81928150

No, I don't need the debt at all - I'm stoozing so it's just sitting in the bank generating an annual income to fund a holiday each year and other niceties! I don't feel inclined to stop though but I do share some of your concern over how well my wife would understand it all if I wasn't here.

GrumpyDil

I'm in a similar position and recently got a mortgage even with £30000 odd of stoozed money when I showed the savings accounts to cover those elements.

Unless you are in need of some genuine borrowing I'd keep going whilst you're making money but would make sure your wife understands the concept and about paying them off if needed.

Plasticman

https://forums.moneysavingexpert.com/discussion/comment/81928411#Comment_81928411

Thanks. Yes, she understands the concept. I just need to make sure everything is documented just in case!

Brie

I just need to make sure everything is documented just in case!

Which reminds me I need to send all the details of our accounts to my husband again - he doesn't seem to be able to keep track of them.

surreysaver

https://forums.moneysavingexpert.com/discussion/comment/81928150#Comment_81928150

If it's stoozing, it's not real debt. It's fake debt at a low or zero rate, and there will be savings balancing the debt earning a high rate of interest

kempiejon

https://forums.moneysavingexpert.com/discussion/6660252/when-to-stop

Whenever I see a profit I up my amount stoozed, I find it goes in waves though. I had been running down from about £50k a couple of years ago I was under £20k recently but a change in supplier and a couple of successful request to increase limits mean I'm back towards that level. With an averaged out >4% annual return, sub 1% pa annualised BT costs a mule card and 20 month deals and no problem with savings rate taxes it's the unicorn; no such thing. A ~£100 a month free lunch.