One of his recommendations for getting the debt snowball rolling is to sell items. I looked around my apartment and discovered the sad truth – I accumulated $13,000 in credit card debt and I have a lot of junk. But I did find one item that may fetch some dough – my 1 ct, diamond stud earrings. Looking at eBay, I think it’ll fetch somewhere around $800-$1,000.
It’s not quality jewelry, but it’s the only decent piece of jewelry I have, so I can’t bring myself to sell it. Even if I used the net sale proceeds to pay down my debt, it won't make much of a dent in my $127,000 debt. I’m currently paying significantly more than the minimum amounts due on my debts and I already have a debt elimination plan that I am determined to complete in 6.5 years.
On the flip-side, if I sell my earrings, I will immediately pay down my debts by about $576-$720 (after taxes) and I'll save the monthly premium for the jewelry floater on my renter’s insurance.
I want to ask my readers, if you were me, would you sell the earrings to pay down debts?
7 comments:
I wouldn't, especially if they were a gift (were they?) But I'm sentimental about that stuff...
Sadly, this wasn't a gift and it's one of the many reasons why I have a $13k credit card debt. But as you can see, I am reluctant to sell it. Thanks for letting me know you wouldn't either.
Forget about selling them.....u can refer your friends to but them...
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Selling some of your old stuff is a good way to pay off your debt little by little. It may not mean much early on, but it’ll pile up to pay a good bulk of your debt. If you’re thinking of selling your jewelry, having it appraised first is a good option. That way, you know what it’s actually worth and can avoid getting ripped off.
Melissa Yoder @ SouthFloridaCoins
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