I think the conventional wisdom with a flight control malfunction (flaps are secondary flight controls) is to follow the QRH/emergency procedure if your SOP or AFM provides one.

If no procedure is available and the airplane is controllable, don't change configuration and keep airspeed as constant as reasonably can. Avoid sudden power or A/S changes. You did the right thing...if you had tried to raise the flaps that loose cable might have gotten involved with something you really needed, like the aileron mechanism.