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The Credit Cruncher was conceived to help you to keep up to date with credit crunch and recession developments, it provides some helpful credit crunch advice and it addresses personal debt. The Credit Cruncher also seeks to explain how the credit crunch started and shed some light on the worldwide recession. Recently, we have begun to look at how BREXIT will affect the UK economy. Please feel free to leave comments where relevant.

26 Jul 2008

Credit Card update

I was pleased to discover that it is still reasonably easy to get 0% interest for balance transfer credit card deals despite the credit crunch. Seems like there are still funds available for the lucrative credit card market even if the mortgage market is getting squeezed.
I went looking about a week ago and found a good range of maybe about five or six cards offering 0% deals for 12 months, I have already done this twice so there are certain providers that I have already used, I prefer to start afresh, and on this occasion, having previously gone for Virgin Money, and Royal Bank of Scotland... I plumped for the Alliance and Leicester.
This card has a feature which I do not plan to use, but may be of interest to those that are into 'stoozing' a term attributed to the practice of borrowing money at 0% and investing in order to make interest. the Alliance and Leicester allow you to transfer funds not only to a credit card, but into your current account if you want... Don't forget that it will still be subject to a fee (3% is usual) so you will have to offset the charge against any profit.
I have never done this myself, and would not recommend it unless you know what you are doing, as making a simple error like forgetting to clear your balance at the right time could easily lose you any profits. That said, it is a proven way to make money for nothing...
This latest 0% deal should enable me to pay off any remaining credit card debt within 12 months freeing up my cash for the next project which will be to pay off my mortgage at a quicker rate.

Related posts:
the decline of my debt
where did it all go wrong?
how to get out of debt

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