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***LATEST***Is the MBNA party over?

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Comments

  • Galstonian
    Galstonian Posts: 1,292 Forumite
    I've not been away as long as I've refrained from posting. Just been very busy at work and, to be honest, the boards tick over nicely most of the time without me having to stick my oar in.
  • peterbaker
    peterbaker Posts: 3,083 Forumite
    Ha!  Just logged on to the MBNA website to see what my account looks like after they "done the deed" - yep, the limit's down to £7,500, but at least now they're offering me 6 months at 5.9% in contrast to their advice that they would be offering me no more promotional rates!

    Since I am using cards for purposes akin to mortgage finance at the moment then I am tempted to accept, or would that be hypocritical of me beyond the tolerance of the readership of this thread ?  ;D
  • cloud_dog
    cloud_dog Posts: 6,358 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    I think logic might be a better way to look at things.

    Question: why would you want to leave the debt at 5.9%, surely you could get a mortgage at less than 5.9%?

    cloud_dog
    Personal Responsibility - Sad but True :D

    Sometimes.... I am like a dog with a bone
  • peterbaker
    peterbaker Posts: 3,083 Forumite
    As far as I am aware you can't get a 4 year fixed rate mortgage for much less than 5.9% which is what most of my "for the life of the loan" cc borrowing is on at the moment".

    As far as I know, you can't easily get a mortgage if you are unemployed as I am right now.

    As far as I know, 5.9% is not a bad rate to borrow money at full stop if you don't currently have cheaper options at your disposal.

    IMHO
  • MarkyMarkD
    MarkyMarkD Posts: 9,912 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Mortgage rates for fixed periods of between 2 and 5 years are actually around 5% right now. 4 years is not a standard term so isn't very competitively priced.

    But as for no income, etc etc you are, of course, quite right that you would be unlikely to get a mortgage!
  • peterbaker
    peterbaker Posts: 3,083 Forumite
    Oh my goodness! I have long said I do not believe in coincidences ... I have just realised that MBNA decided to start cracking down on my credit on the very same day that the card companies got a roasting in the Parliamentary Select Committee "Transparency of Credit Card Charges" which is being shown on BBC Parliament right now ::)
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