We study, by means of a variational method, the stability of a condens
ate in a magnetically trapped atomic Bose gas with a negative scatteri
ng length and find that the condensate is unstable in general. However
, for temperatures sufficiently close to the critical temperature the
condensate turns out to be metastable. For that case we determine in t
he usual WKB approximation the decay rate of the condensate due to mac
roscopic quantum fluctuations. When appropriate, we also calculate the
decay rate due to thermal fluctuations. An important feature of our a
pproach is that (nonsingular) phase fluctuations of the condensate are
taken into account exactly.