Just calculated all my CC debt and I have a grand total of 50 in debt. I also have to pay tuition next semester which will be another ,000. So 50 total. This CC debt is hanging over my head and annoying. I just want to get rid of it once and for all!

I have been offered a loan of ,000. My minimum balance per month would be 0. I would take the ,000 to pay off the 50 debt which leaves me with ,550 in my bank account. With that ,550 + my current bank account balance + work I will pay the 0 per month.

…Then I will not rip up my CC cards (3 total) but I will just straight up not use them. Actually my highest balance is on my Best Buy store card (bought a laptop, a desktop, and an HD Canon over the last 6 months)…..

So do you think it is a good idea to do this? I do because I will pay off and "consolidate" all my debt into one payment a month. Instead of worrying about 4 due dates I’ll just worry about 1….Not to mention this loan will boost my credit score and report (which is good so far, not one missed payment or late payment, staying below 35-40% of my max credit limit at all times)….

Here is the good part. I recently was approved to buy a foreclosed home. I believe I can get (renting it out) 0 a month. The problem is I am waiting on the bank to get the paperwork together so I can use my money from my checking account (yes I have enough to pay off all my debt listed above + way more) BUT I want to use this money to pay for the house THEN LATER when the house is paid for + repairs worry about the ,000 in debt. It has been a few weeks since the bank accepted my offer and I am hoping any day now they will have the paperwork ready so I can get a tenant in there.

So the good news is (hopefully just before Xmas) I will have an extra income of 0 a month which will by itself pay for more than the min. balance of the loan each month.

Since I said I would have roughly 50 of the loan money left after I pay my debt I will use this + the first months rent + the deposit from my tenant to pay a large chunk of that ,000 debt off (probably ,000). Then from that point I will go on with my life and business and only owe ,000 on the ,000 loan which I will pay off quickly. Now I spoke with the lender and they said if I paid the loan early I would barely pay any interest whereas if I pay over the life of the loan I will pay the full interest.

…Then several months down the road I will try to talk with my bank on getting a home equity loan (to use to buy a second foreclosed home)…

What do you guys think?