The latest offer I got was a debt consolidation loan offer from MBNA....I hate those too....they always pitch it based on the lowest rate they offer (9.9%), but note that you won't necessarily get this rate....could be high like 21.9%.But, the only debt I'd currently consider rolling into this loan offer...is on my MBNA card. I owe $10k on the card, and it is currently at 13.9% (fixed)...so if I really can get 9.9%....why am I not getting it already. My other two cards are 9.9% (fixed) and 10.49% (variable)....though I have about $6k on each.CC Tricks with MBNA (note--Not sure if these work with their consolidation loans):(1) Have them deposit a "balance transfer" directly into your checking account. Turn around and write out a check to whomever you want, including another MBNA account.(2) When applying for a card that you already have, you can roll the old credit line onto the new card for more savings power. Several caveats with this approach, though:A) The old card should be at a $0 balance. Otherwise I bet you end up with a balance stuck at unfavorable terms.B) The old credit line effectively goes away, resetting the age of your account. This can impact your credit score.C) Requires applying for new credit; inquiry affects credit score.D) Increases overall level of credit; affects credit score.For these reasons, I tend to seek other options before #2. However, I have done this sort of thing twice with MBNA and once with Citibank, and I still get great credit offers. Each of these cases was for a rather exceptional deal, like 2.9% for 9 months or something similar. I'd be wary of such maneuvers with a best rate of 9.9%, but I figured you should still know the tricks of the trade.The more you pay down your debt, the more in control you are of your credit. You won't need to worry about getting backed into a corner if some crafty money game blows up in your face or temporarily smudges your credit score.SpeleoFool.
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