advice on which is better

paulaslack

hi all, i wonder if you help with some sugestions/ advice... i am a british person at present living in NZ i have and use a british credit card which i would like to start clearing properly, it has approx 4900.00 on it and i am currently paying off the minimum payment plus charges.. i am paying them off by transferring the kiwi dollar in my kiwi bank ($180.00 every 2 weeks) into my british "smile" account where my cc then takes out my payments.. so my options as i see them are... get a kiwi loan and pay off my cc and then pay of my loan, or what ever else you guys can advize really.... all help much appreciated. :A

Tixy

Have you looked in to what APR you would likely pay on a loan in NZ?

What APR are you paying on the credit card? How much is it costing you in fees to transfer money from your NZ account to your UK ac?

Have you always kept up with repayments on the credit card?

paulaslack

Hi, at present i pay $20.00 each time i transfer money over into my uk account.... another option would be to get a debt consolidation cc and pay it off that way?


with thanks

P

Tixy

I am not quite sure what you mean by a debt consolidation cc.
If you mean a new credit card in the UK that you can do a balance transfer to then I doubt you would be accepted for any new card in the UK now you are not resident or working here.

If you mean a new credit card in NZ then you would probably find you cannot do a balance transfer from a new NZ card to pay off your existing UK card.

If its possible to get an equivalent of money transfer cards in NZ then you could consider that option, paying the funds in to your NZ account and then transferring that to the UK to repay your current CC.

Assuming you are able to get a loan or card in NZ then you really need to compare the cost of getting a loan (or CC) in NZ - which would likely be the APR, with the cost of keeping the debt in the UK, which will be based on the APR in the UK and the transfer fees you need to pay.