Becoming Debt Free in 2009

January 4, 2009

How Important Is Your Stuff?

Filed under: Debt,Journey to Debt Freedom — ambercouric @ 12:13 pm
Tags:

The question:

Would You Sell All Material Possessions For Debt Freedom?

Frugal Dad recently asked this question.  My first reaction was sure to be out of debt.  But then I started to really think about it and my answer is ABSOLUTELY NOT.  Maybe because my debt total is just under $17,000 and that includes a two year old car that is worth more than my total debt.  Also, I am not a “stuff” person.  So the things I have I really like.  I don’t buy anything on a whim.  It takes months for me to decide on a major purchase so the things I have I put a lot of thought into. 

Would you sell your stuff to be debt free?  

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12 Comments »

  1. That was a good read. I like the perspective Frugal Dad uses in his article. I personally would say, “yes”. As I tried to do this when we first really decided to go debt free. I am not a real materialistic person. I could handle ‘starting over’. But, my husband would not. So, that is why I have only so much.

    Comment by money funk — January 4, 2009 @ 12:58 pm

  2. I would not, mostly because nothing I have has enough value to get me far. My van is worth less than $1000 at a car lot, and then I’d have no transportation in a community with no public transport. We have no fancy recreational toys…no fancy jewels…just me and the kids LOL

    If I had fancy stuff perhaps my tune might change…but would that change my attitude about spending and budgeting? or would I simply get myself back in debt because I haven’t yet learned to live within my means, save up for bigger items and emergencies, and plan.

    I need the longer pathway to learn the lesson.

    Comment by jolie — January 4, 2009 @ 2:51 pm

  3. This is the same comment I posted over at FD – “I have been on a crusade for the past few months to reduce the number of my possessions. Having said that, I would not sell everything I own to be debt free. If I did that, I’d just have to buy new stuff, which makes no sense. I would think that most people who have a lot of debt don’t have a lot of savings with which to purchase that new stuff so, right back into debt they’d be.” While I’m interested, and actively working towards, being debt free, I don’t want to celebrate in an empty house (or a tent?!), sitting on the floor with a bottle of Boone’s Farm!

    Comment by SimplyForties — January 4, 2009 @ 3:27 pm

  4. I am working at selling off my ‘excess’ stuff this year. I am not very materlistic, it’s more stuff that we’ve acquired that we no longer need. I would sell a lot more than DH ( who buys most if it in the first place!)

    Comment by louise — January 4, 2009 @ 4:47 pm

  5. Some of it, sure, take it ~ Does that count????

    Comment by jpkittie — January 4, 2009 @ 8:52 pm

  6. I don’t have any stuff to sell-lol. I had some textbooks and stuff that I sold but other than that, I don’t have much.

    Comment by Budget Mama — January 4, 2009 @ 11:25 pm

  7. Hi there-I have clothes that I could most probably sell and make good money on, but as I’m into style and fashion and have built up my collection mainly through thrifting I most probably won’t sell them. I think the key is having a sensible budget in place, an emergency fund and a debt repayment program. then you don’t have to worry so much about selling what you have.

    Comment by sharon rose — January 5, 2009 @ 4:29 am

  8. I would totally sell my junk to be out of debt! That is, if anybody would buy it! 😛

    Comment by MakingUpForPastMistakes — January 5, 2009 @ 4:18 pm

  9. Nope. What we have in savings would pretty much cover what we have left on our debt, but I would never leave myself with nothing. You never know when something might happen and you need to have something to fall back on.

    Comment by Living Simple — January 5, 2009 @ 4:47 pm

  10. Yes, yes, yes…and I am slowly but surely selling my life away on eBay 🙂

    Comment by Broke Bettie — January 5, 2009 @ 8:14 pm

  11. Defintely, in a heartbeat. The bad news? I spent my credit card debt on travel and restaurants, not stuff.

    Comment by Jesse Bouche — January 8, 2009 @ 1:48 am

  12. No. My debt isn’t so much that it would be worth it. Otherwise, I wouldn’t have taken on so much debt! I also have some things that are in a gray area as far as replaceable is concerned. They’re not really heirlooms, and I could get something to replace the functionality quite easily, but some I’d never find anything quite like it, and I’d never replace the history and sentimentality of them. I’m primarily thinking of my harp and piano.

    Comment by Slinky — January 8, 2009 @ 6:11 pm


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