What do stoozers do with the money they gain?

dag_2

I plan to use interest from stoozed cash to pay down the mortgage on the house I haven't bought yet - and to put the children I haven't had yet through private education.

Okay - so I can dream, right?

Way back when, pricy said:

I have always up until now kept stoozing quiet as obviously the more people that find out about it, the more chance CC companies will pull the plug.

I'm not so sure it will play out like that. Ever since the early nineties - and possibly earlier - student loans have charged less interest than the best instant access savings accounts - yes, even before ISA's were brought in. And banks have offered students big interest free overdrafts too.

Of course - there are lots of column inches in the broadsheets devoted to student debt, and how terrible the banks can be to students and recent graduates. But on the other hand - if a student or recent graduate ever did come into any money, they were able to profit from the interest difference on savings accounts. They would lose out if they paid off debts with lower interest rates any earlier than strictly necessary. This was quite common knowledge among the financially savvy.

On top of this, you've also been able to earn a few extra pennies of interest by using a credit card that doesn't charge an annual fee, and paying it off in full every month.

My point is, stoozing is nothing new. It's true that today's 6-month and 9-month 0% balance transfer deals didn't exist back then - but the concept of stoozing still existed, even though the name didn't.



Oh - and we have this board, and the Motley Fool forum too. Finance industry peeps do read them - but it doesn't make them pull the 0% offers. Guilt-tripping you out of stoozing is obviously good for their bottom line - but they're not so keen to lose the customers who aren't as organised about stoozing as you.