Have you ever cashed out a significant chunk of assets to pay off all of your debt? In hindsight, was it the right decision and why?

Have you ever cashed out a significant chunk of assets to pay off all of your debt? In hindsight, was it the right decision and why?
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Answer :

Earlier this year, I was faced with school loans and other debts that I could make the minimum payment for, but with interest rates, I felt like I wasn’t making a dent in the actual amount. So I sold my car and took money out of my savings to 1. completely pay off the “little debts” ie credit card, etc and 2. pay a chunk on my school loans So far, it looks like I’ll be done with the loan re-payment process by this time next year, which is a HUGE change from before, where with the payment installments I’d be paying off my loans for another 6 years. It’s for sure paid off for me, and I love that with good planning and a bit of luck I’ll be completely debt free in less than a year. (though not having my car is a bummer) And with my other monthly payment obligations gone, (some of them) I’m finding that it’s so much easier to save money. As a house is a way bigger deal than a car, I don’t know if this helps, but I don’t regret my decision the least. =)
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