Does it make sense to sell our house to get out of debt?

[ronnwilliamson]

It is fine as long as you van really get a good sum out of it. Maybe in the future
we shall know better.

[johna]

It sounds like selling your house would be a wise decision, provided that you have learned your lesson and will stop living beyond your means. The only way to get out of debt is to decrease spending. Remember, once you have gained control of your finances you need to maintain a budget that will allow you to save for the future.

[frankrizal]

Well if you do not have other choice then selling your house might be your best option. Remember not to over spend..

[Wealth-e]

look for all the available options first keeping home option aside. your budgeting should be your major concern. if nothing works then go for selling your expensive house and buy a less expensive one and pay your debt with the rest.

[Kev647]

Just adding my two cents: I certainly would sell if I was in your shoes. There is too much debt (good or bad). If someone was to lose their income, you would lose all of the assets anyway. Better to take things under control, stabilize, and live within your means.

Going forward, I'm sure you will focus not only on playing good offense (making money), but also playing better defense (saving money).

Do you do strict budgeting in your household? If not, you should start. A great book to get you into the mindset is the book "the millionaire next door." It's a great book (started out as a market survey). Check it out.

Good luck!!

[bigbigfan]

Think of it like shifting gears, if you are facing an uphill battle to pay off your mortgage that is causing you to live paycheck to paycheck then selling it and downsizing is like shifting gears in your car, you'll get ahead faster and when it's paid off, and hopefully gone up in value, you can sell the smaller house and get back into the big house, with some savings.