Lending Club or just pay remainder CC

[Creditaddict]

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@maiden_girl wrote:

If you want like a million inquiries...I would say no to the loan.

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This is lending club... they only do a SP for the loan... no hp ever and it's not like lendingTREE as I think you are thinking that sends to multiple banks and lots of INQ's

[tony46231]

Even drastically cut from almost double your cc interest rates, I wouldn't do it.  What is the point?  I don't understand freeing up the cc's as a good reason to take out the loan.  If they offer you a lower interest rate than the cc's, then your reasoning is that you would be paying less interest.  However, wanting to take out a loan at any interest rate just to free up the cc's doesn't make any sense to me.  My assumption is that you want to free them up so you can use them again, but I don't see how that is a good idea.  You would be responsible for paying the loan (old credit card debt) and at the same time have the temptation of spending more money that you don't have.

Credit card debt is so easy to get into and sometimes so very difficult to get out of if you are spending more than you have.  At one point in my life I had just enough credit card debt to pay my bills, make min payments on the cards, and have a little extra money left over.  At that rate, those cards would have taken years and years to pay off.  I got a second job, worked 60-70 hours a week for a couple of years, and have never over extended myself since.