Would You Sell You Sell Your Assets to Pay Your Debt

[Kane]

You might try reducing expenses significantly so that you can have surplus money toward debt payment, but for a lot of people, this is not possible because of the high cost of living. If you have an outstanding loan and you are unable to pay out because of low income, would you sell your assets to pay your debt? Selling off assets can help you pay your loan, and this option might be better than defaulting loan.
I once paid my loan by selling some farmland.

 

[deucher]

So because I cannot know how critical the situation will be. I have already had to do this once even when my investments did not bring profit and I took out less than I invested, but the situation required it

 

[Grant]

If i needed help asap I would certainly consider it. But I wouldn't rush into it. I also would only sell some of my assets to stay afloat. But I don't think I'd ever need to sell them all. If I do, that means a things are real bad. At least for me.

 

[Debashis]

It depends on the situation. Selling assets to pay off debt may be a viable option if the debt is substantial and the assets are not essential for one's daily life or income generation. However, it is advisable to carefully consider the long-term consequences before making such a decision.