Would u cash out refi this condo?

[Drew Slew]

Condo in Union City NJ next to NYC, bought 145k, 30yr down 3.5% fixed. Appreciated to 250k, could do a cash out refi to pull some fo the equity out, about 50-70k at 5.3% 30yr fixed. 

Loan currently is 105k, w cash out refi could jump to 165k.

Closing cost on cash out refi around 8k.

Current monthly payments would go up on 1/1 condo from 900 to 1200/m, but lender says i would pay off CC debt (20k at 17%) and student loan (14k at 6.5%) and thus save 500/m in cash flow.. plus he says id get 20k in cash after all these debts are paid off w cash our refi so its a no brainer, i should do it.

I get that these short term loans would go down and id have more cashflow, id be able to buy another property, but overall over 30yrs id be paying a TON more in interest than i am currently. 

So id be paying 8k, tons in interest over 30yrs, almost 2% higher interest rate, and get quick 500/m extra cashflow and extra 20k..

Would you do it?