MBNA Loan

iVillage Member
Registered: 10-12-2005
MBNA Loan
2
Sat, 02-18-2006 - 9:17pm

A few years ago I made the mistake of transferring my debt to an MBNA loan. Now I not only have this loan but cc debt on top of it! I know that it was a huge mistake and will never do that again! My question is, this loan is killing me in interest. 24%! Has anyone tried to transfer this to a cc or something? They won't lower the interest rate and i'm looking for some suggestions.

Thanks!

Brandy

Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
In reply to: kermit_48093
Sat, 02-18-2006 - 10:15pm

Hi Brandy,


If you qualify for a cc offer or even a loan for the outstanding balance, then I think that going for it would be a wise decision!

All my best,
Danni

iVillage Member
Registered: 05-09-2005
In reply to: kermit_48093
Sat, 02-18-2006 - 11:54pm
Wow -- that's a really high interest rate -- have they been hiking it up? Anyway, I can't see any reason why you couldn't transfer it to a lower rate credit card. I co-signed on a loan for my son - school (long story) -- he can't pay -- my credit would be at risk if the payments are late -- I transferred it to a low rate credit card. No problem transferring. If you get a balance transfer offer, I don't think they care if it is a transfer to another credit card, or bank or yourself usually. Even if you don't get an offer, I think you could transfer it to any credit card you have that has space on it (and of course is a lower interest.) Depending on how much it is, you could transfer it in pieces to several cards.
Good luck!
Megan