Sell Everything to be Debt Free?

[questions]

Should I sell all my belongings to get myself debt free? I think that if I sell everything that I own, I could pay off all my credit card debt, but then I wouldn't have anything. Some of the things would be very difficult for me to part with because they were owned by my grandmother, but these are also the things that are the most valuable which would help pay down the debt the most. I am very conflicted on wondering if this would be a good idea or not. I want to be debt free, but I don't want to regret selling some of these treasures later on.

Would this be a good thing to do or is it too extreme?

[moneyandloan101]

I think it is too extreme. You can start off by selling those assets that are depreciating in nature.

[Broken Arrow]

I think it's going to depend specifically on the details of the financial outlook as well as what these treasures are.

But if they are considered as "treasures", then I don't think it's worth selling just to become debt-free. Being debt-free doesn't mean you're free from all your financial worries. Rather, it's more like a second chance at life, and the real journey has just begun....

[KTP]

I am not in debt and I would seriously consider selling everything just to be out from under this mountain of garbage that I paid good money for. For instance, I have a $1000 torture device (I think it was made by Bowflex or someone) gathering dust that I sometimes stub my toe on. I actually paid $150 a month in storage fees for over 2 years for a bunch of items I had packed up from the last time we moved...boxes that have not been opened for 8+ years!!!

I have an entire spare bedroom so full of impulse purchases and abandoned hobby items that I can't even open the door all the way to look inside it.

Ya, I would consider selling everything....if it didn't require so much effort.

[Aleta]

Parting with family treasures would be hard to do but you might know of a family member that might want to buy them from you thus keeping it in the family. My cousin sold some items like that to a family member that was a collector.

It also depends upon how much debt you're talking about. Someone being $5,000. in debt is different from being $50,000 out. Also, your job and resources have to be considered too. Not enough information for anyone to really advise you.

[Broken Arrow]

Originally Posted by KTP

For instance, I have a $1000 torture device (I think it was made by Bowflex or someone) gathering dust that I sometimes stub my toe on.

Hilarious! Um, except the money part.

[LivingAlmostLarge]

Depends. You couldn't pay me the $1k my engagement ring might be worth for me to sell it.

[wincrasher]

Being debt free is a good long term goal.

Most of the advice on the forum to sell off items at a loss is to formulate a plan for someone to get out from under otherwise unmanageable debt. You normally wouldn't sell off items at a loss unless you really have no other choice.

Granted, if you are buried under QVC purchases, it might be a good idea to clear out your junk - that really is another issue entirely.

But to sell EVERYTHING? Only to have to repurchase a lot of items later? Sounds like crazy talk.....unless you are wanting to become a monk or something.

[FrankCarlton]

Being debt free is a great and achievable goal. Yet, selling EVERYTHING really takes away the point of money. Sell EVERYTHING you don't need/want and pay down your debt, other than that, establish an a financial plan that gets you out of debt. I'm an enormous advocate of establishing a balanced plan that gets you out of debt yet allows you to still live a comfortable existence. Living on beans and rice while you're paying off debt isn't living.

Your goal should be getting out of debt in 12-24 months, this may mean you'll have to find creative ways to reduce your monthly expenses, you may want to consider getting a second job, and if those measures aren't enough, often you can call your credit card companies, close your account and ask for a reduced interest rate while paying off the balance. This won't negatively effect your credit (just removes a revolving credit line which you should view positively) and it makes it easier for you to aggresively pay off debt...

Good Luck!

[maat55]

I would think that grandma would be happy if you were to use her things to become debtfree. Keep one dear reminder of her and start selling.

She should be happy for you to become debtfree and start a new debtfree lifestyle. Good luck.

[buildmybudget]

I wrote a blog about this on my website, so this topic hits close to home for me. I would give A LOT to have my 1967 Dodge Coronet back that I sold to finish paying off my credit card debt. In retrospect, I was just too impatient and only cared about getting rid of the debt. Truth be told, I would have paid off the debt anyway within about six months... So if you sell things that you truly, deeply care about to pay off credit card debt, you might find yourself with regrets like I sometimes do.

[anonymous_saver]

Originally Posted by KTP

I am not in debt and I would seriously consider selling everything just to be out from under this mountain of garbage that I paid good money for. For instance, I have a $1000 torture device (I think it was made by Bowflex or someone) gathering dust that I sometimes stub my toe on. I actually paid $150 a month in storage fees for over 2 years for a bunch of items I had packed up from the last time we moved...boxes that have not been opened for 8+ years!!!

I have an entire spare bedroom so full of impulse purchases and abandoned hobby items that I can't even open the door all the way to look inside it.

Ya, I would consider selling everything....if it didn't require so much effort.

Wow, that's impressive. How about trying to sell one or two things each month. It would feel really good to get that extra money, and to clear up that space to actually have a spare bedroom. Seriously do it. Especially the Bowflex thing! (I'm only trying to encourage you...)

By the way, I sell things on Amazon.com all the time, especially textbooks. I work at a large University and people give away large amounts of old textbooks all the time. I actually already made $50 this week doing this. It doesn't happen often but I wouldn't be suprised if I made an extra $250/year from doing this.

[Ima saver]

I would not sell grandma's treasures!

[Radiance]

Ditto, it might be better to temporarely take a second job and/or rent a room or cut other expenses to pay off debt.

[cantretire]

Don't sell off things that you treasure. You'll regret that. Look around your house and gather the items that you don't need and don't mean anything to you. I'm sure you'll find many knick knacks and things that you could sell. Do you have collectibles cluttering shelves? Books, CDs, DVDs? Start there first.

I'm thinning out those items and my mother is selling off her doll collection to start.

Good luck.

[spock0149]

You probably don't need to sell everything! Just the things you rarely use, and have no value (sentimental included).

[PetMom]

When you mention valuable (not only sentimental) I assume you mean a quality antique.

How would you sell it? Do you have buyer or a reputable dealer who will give you a good price (lots of people are selling off antiques in this economy) or are you going to do the ebay thing and figure in selling costs?

You could do it the bit by bit selling approach as someone mentioned.

But working your way out of debt the slow sure way is sometimes better - the quick fix takes the sting of experience of the plodding work and sacrifice to be debt free and it alters your feelings about getting new debt.

Can we sell huge useless exercise equipment?

You need to figure in hauling fees in some of these purchases.

We have a huge commercial grade treadmill in a small bedroom that could be a NASA landing pad - it has golf clubs 'stored' on it now (temperature concerns of the delicate glue on the handles of the handles).

Cheaper than the temperature controlled storage units so popular here.