Make Use of Stoozing to Save Money

credit cardsThe term ‘stoozing’ is slang used to describe taking a loan out with 0% interest, investing this money and taking the interest earned as profit before returning the loan. This curious term actually originates from the name of an Internet forum user who started discussing this technique in early 2004.

Credit card companies in the UK often offer a balance transfer with 0% interest for 6-12 months to attract new customers. A balance transfer is usually associated with debt repayment to a third party, but a ‘stoozer’ uses a variety of legitimate techniques to redirect the balance transfer to one of his or her own savings accounts with a high rate of interest. The loan is then repaid and the interest money kept. Continue reading