0% Credit Card Vrs Loan - Helpppp!!

toriben

Hello,

I'm moving to Sydney at the end of November for a minimum of a year and really need some advice of paying off my UK credit card whilst over there. As I see it I have three options and I'm not sure which is best

1) take out a UK loan for the full amount outstanding (£2200) then every month make an internet banking transfer to pay off the monthly loan amount

or

2) Move the full amount (£2200) to a 12 mth 0% credit card and pay off a monthly amount. This worries me as although I save on interest I'll still be left with a sizable debt at the end of the 12 mths period, and will need to move to another 0% card. I don't know how easy this will be as I'll be based in Oz

or

3) Move the full amount (£2200) to a 3.4% credit card for the life of the balance and pay off a monthly amount. Less interest than a loan and I could increase or decrease the payments as I go.

Any advice would be great - it's causing me a great deal of stress of the thought of clearing sterling debt with australian dollars.

Thanks

sdj25

I would opt for option 3 myself - as this will protect you from any unforseen obstacles that come your way.

You now need to figure out how you're going to physically get your money that you earn in Oz onto your CC. I moved to Candada for a bit a while ago, and the way I sent money home was via Paypal. I set up a paypal account with my Canadian bank account, and then a paypal acct with my UK bank account & transferred the money that way. It took a long time for my money to travel home (Cad > UK) but it was much cheaper than any other option I found.

CLAPTON

presumably you have a good credit record .

how much can you pay off each month?

what sort of APR do you expect to get on the loan

i dont actually see why the choice of option is affected by being in australia, surely the cheapest option is the one you would use whether you were in UK or Aus