Have a Great Christmas for free!
| Author: Stooz | Created: 30/01/2006 |
We love to loath them: gas bills, electric bills, water bills. The rising costs grab headline news, so what if the costs did not affect you because you did not pay them?
Sadly there is no getting away from paying your bills but Stoozing techniques may earn you enough money every month to pay your monthly bills for you.
Of course that does not mean you should pay too much for your supplies, so check
you are getting the best deal by using the various comparison websites such as
uSwitch.com
www.energyhelpline.com
UKPower
Lets look at some sample figures for a typical gas heated family home.
| service | per month |
|---|---|
| gas | £40 |
| electric | £38 |
| Water | £30 |
| Total | £108 |
The plan is to earn enough interest per month from a savings account to cover those costs.
In January 2006, the typical interest rate on the stoozpot savings account table was 4.75% APR. With that rate, and assuming a standard rate tax payer, you will need to maintain a monthly savings account balance of around £34,100.
This wont be your own money! This is what Stoozing is about - that savings balance will come from borrowed money of 0% credit cards. With a typical card giving around a £8000 limit, you will need around 5 credit cards running together. But instead of using them as advertised to pay off another card with a balance transfer you pay the funds into the savings account. Only a few cards allow that facility, but you only need one. All the other cards can be routed through this card by hopping the money onto it, then into the savings account.
We discuss that balance in monthly terms, as the Stoozing technique requires new credit cards as often as every 3 months, although 6 months is typical. You may not be able to sustain £34,100 every month, as cards introductory periods expire or new cards offer lower maximum limits.
Each month, your savings account will pay out the interest that has been earned. All you need to do now is withdraw that profit and pay the utility bills!
To understand Stoozing further, read the full guides and understand the risks. Failure to repay the outstanding balance or monthly payments on the cards can damage your credit worthiness.
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