Balance transfers question

I hope someone can help advise my husband and me on this matter. We have a credit card with MBNA that was actually a debt consolidation loan. We owe $9800 on it and pay a fixed payment of $225 a month. The interest is 18%. We are trying to do a debt snowball and want to eliminate this one soon because of the large payment. We checked into one of those credit cards that offer a balance transfer with an introductory rate of 0% for so many months and then a fixed lower rate like 7or 8% after that.

We don’t plan on borrowing anymore on a credit card, but we’d like to reduce the interest rate on our current debt to pay it off faster. We were denied one of these (they let us have the credit card but not the balance transfer). Is this a bad way to go and why were we denied? Should we try any more of the 0% balance transfers or just pay it slowly with the high interest?

Most of those balance transfer loans have hidden fees. Most people are better off trying to get their current creditor to lower their interest rate rather then transferring and paying an upfront fee. Persistence pays off with getting a lower rate. There are tons of books out on the subject of negotiating with creditors. You public library is the first place to start.

Nolo Press Credit Repair would be the more technical book on the subject but there are tons of other good titles. Be careful laws change from year to year so look at the year published date and try to find one written in the last two years. I would stop pursuing a balance transfer or new credit offers and spend some time trying to negotiate with your current creditors.

I had MBNA. I bugged them for years to lower my rate from 24.9 but they would not budge. I did a balance transfer 2 months ago to a WAMU 0% for 14 months (they give you free access to your credit score, mine is 670, not too happy about that!) My transfer amount was 2,400.

The fee was 2% of the transfer which worked out to about the interest rate for 2 months on my MBNA. I was paying $100 dollars a month on MBNA and it was not moving. Now with the zero percent I have a $100 dollar payment but in 14 months the balance will be $1,000 at 3.9. So I feel I did get rid of a headache.

My question to you is…I would love to get one of the books that you recommend but I need something real simple. Something I can easily understand. I am not fully comprehending how to fix my credit report. I need a book that is going to walk me through each step. Is there such a book?

Thanks for your time.