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Selling Your Belongings To Pay Your Debt Is Not a Good Solution
What happens on your next big purchase?
Many people believe that selling their stuff will get them out of debt. So they look for things they don’t use and sell them. Usually, those belongings are sold in a price way lower than the original price they bought them. And so, using this money, they pay some of their debt. At the end of the day, they still have debt and they don’t have that belonging anymore. Frustrating.
They advanced one or two steps towards freedom, but selling our belongings doesn’t solve the problem for the long run.
Here’s what I started doing. I lay it out here for you and hope that you may find it useful.
Last February, I told my parents about my debt, and through their help, I committed to paying all of it as soon as I am able.
It’s not an easy task, but I set out to do it anyway. I thought about the monthly payments and how can I pay them faster. I have a pretty good salary so far that allows me to cover all of the monthly expense and leave me with a bit of change.
But I wanted to pay faster. It doesn’t help me if I cover my monthly expenses, but those monthly payments will last for forty more months. I don’t have time for that. I needed to cut deeper into my…
