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Contabo and NetCup are really cheap. But only if you use their shared VPS option. If you are lucky the CPU steal is low.
What do you mean?
The CPU steal time is the time the virtual core is waiting for the physical core. That means a VM is waiting for the hypervisor until it shifts CPU time to the VM again. More virtual cores sitting on a physical core means higher CPU steal. And higher CPU steal means bad performance because the hoster is allocating more virtual cores on a physical core that it can manage.
Presumably they mean that the CPU resources are over-provisioned, meaning that the virtual CPUs allocated to VMs have to share a smaller pool of physical CPUs. If the VMs have a lot of idle time, this can work well, but if your VM suddenly needs more CPU, the processes on your VM might need to wait for a physical CPU, as physical CPU cycles that would normally be available to you have been "stolen away" by processes running on other VMs.