Selling assets to pay your loan

[Nomad]

If you have a loan and if you are unable to pay your loan but you have assets, I thing selling assets to pay your loan can be good. It is better to pay your loan and let the interest go up and up rather than holding on your asset. I have done this a couple of times and it will always come as a relief. Well, I don't mean to say you should sell your assets to pay your loan but you can use it as an option.

 

[eLdavis]

In a situation where you have to pay a loan, the best option would be to sell to pay, though I am not a fan of selling assets but this is a more better option.

 

[Springtime]

I prefer selling assets to pay off a loan instead of getting a new loan to repay the old loan.

 

[Suba]

Although I have never sold assets to pay off debt, I think it is the best way if someone has no other income to speed up debt repayment.

 

[Kross]

I really can't sell my asset to pay my loan. I would rather pay from my monthly income gradually than sell my asset for that.

 

[freelancermaria]

Paying off your loan is a good approach. It’s much better than taking out another loan to cover an overdue loan. However, I want to avoid reaching a point where I have to sell all my assets.

 

[kerryjoy]

It's usually amazing to be debt free, it gives a peaceful mind and focus at the future without any drawbacks, it's a wonderful idea

 

[Augusta]

Well sometimes we have these assets to hrl ourselves out in the future especially when we are financially down . nothing wrong with selling it out for loan repayment

 

[Stardom22]

I think it's even better for one to sell their assets to repay loans rather than allowing the banks to reinstate the collateral for the loans.

 

[Xtynehappy]

It's pretty much better when one is unable to pay back the loans to sell their assets and do the same in time.