<prompt> Human: Hi, I am currently confused with how to move forward in my current situation.Im being offered a 20K loan at 6.7 to be paid across 10 years. I currently owe 5.2K on credit cards with high interest rates in the mid 20s and owe 3 years on a car thats payout is 16K with interest at 7.4. I also owe my final class bill for 1800.Im trying to reduce my monthly expenses as I incurred a flood of emergency expenses and rent is really expensive. These are my monthly bills:Rent 1350Car 450 7.4 interest owe total 16KInsurance 190 multiple servicesPhones 180Internet Cable 70Light 120Credit Card Minimum Payments 150 24.74 interest owe total 5200Plus Gas and foodTotal monthly recurring expenses 2510Current School Bill Owed 1800I make roughly 2800 monthlyCurrent account balance 300Recently I had to help cover medical expenses for family and I drained my emergency funds to do so and max my cards. I am now living paycheck to paycheck and I hate it. I used to have a family member stay with me and that was fine for a bit but I dont want to have to depend on someone else and would like to cut costs in the short term. I should be advancing in my career and would prefer to pay off some debt later in life to be able to breathe now, I just received my masters and should be moving forward within a year or so.I know I want to get rid of the credit card payments ASAP as the payments are unnecessary expenses with no value. Next is the car... I cant refinance as my credit dropped to 630 with the cards situation and depleting checking account so I wouldnt even be able to put money down.What do I do? Should I take the loan and pay off credit cards, school bill, and car? If so how should I go about it? Id pay off the cards and school right away so that would leave 12800. Should I set aside an emergency fund and put the rest towards the car? Should I wait until the card payments are reflected in my credit score and try to refinance? If I can get rid of the cards and car payments I would be in a really good position, I just dont know how to go about it. I cant really reduce the rent as that is low for my area and am close to my job. I can move a bit further out and save a maybe 200 bucks 300 if im extremely lucky but then Ill have added gas and toll expenses, I live in front of my job so not much gas and tolls.Edit: car loan interest 7.4 not 7Assistant: Take out the loan for only the amount that will cover the higher interest debt. You dont need any more then that. Once you have that established, set up your emergency fund, first get to 1,000, then get to 3 months expenses , then 6 months if you can. Human: Would it be wise to also take some as starting emergency fund? Like, pay the cards and school. Plus some for emergency?  <response>: No. Taking debt at 6.7 to sit in a savings account is not wise. 