What does it mean to be upside down on a loan?

Money coach Andrea explains what it means to be upside down (a.k.a. underwater or having negative equity), why it doesn't necessarily mean you're in financial trouble, and when it can become a problem.

Want practical tips and resources delivered to your inbox?

Click here to sign up for the newsletter

Need personalized support and an action plan tailored to your goals?

Click here to learn about 1:1 money coaching.

Looking for a way to pay off debt faster, but not sure the debt snowball or debt avalanche is right for you?

In this episode, money coach Andrea explores three alternative debt repayment strategies: highest minimum payment first, highest emotional baggage first, and letting chance decide.

Learn how each strategy works and how to choose an approach that makes sense for you.

Need help figuring out your debt repayment strategy?

Click here for a debt repayment strategy tool.

Want practical tips in your inbox and invites to online meet-ups?

Click here to sign up for the newsletter

In this Money Minute, money coach Andrea explains what debt cancellation and forgiveness mean, how they happen, and why forgiven debt may have tax consequences.

Want practical tips in your inbox and invites to exclusive events?

Click here to sign up for the newsletter

Need personalized support and an action plan tailored to your goals?

Click here to learn about 1:1 money coaching.

What happens when a credit card company charges off an unpaid debt? Does that mean the debt is gone? Money coach Andrea explains what a credit card charge-off means and why it isn't the same as debt cancellation or forgiveness.

Resource: Federal Trade Commission: Debt Collection FAQs

Interested in working with Andrea for individualized support?

Click here to learn about 1:1 money coaching.

Want to pay off your debts faster but aren't sure which debt to tackle first? Money coach Andrea explains two popular accelerated debt repayment strategies, the debt snowball and debt avalanche, and how to decide which approach works for you.

In this episode:

• Five steps to get started with accelerated debt repayment
• How the debt snowball strategy works
• How the debt avalanche strategy works
• The benefits and tradeoffs of each approach
• Why you don't have to stick with just one strategy

Keep Money Simple Newsletter: Click here to sign up for the newsletter

Interested in working with Andrea for a personalized plan and support?

Click here to learn about 1:1 money coaching.

What happens when you make only the minimum payment on a credit card? Money coach Andrea explains how minimum payments affect how long it takes to pay off your balance and how much interest you pay.

Want to submit a question for a future episode?

Use the link below to record a question of 90 seconds or less:

Click here to record your message.

Want to work with Andrea?

Click here to learn about 1:1 money coaching.

How does credit card interest work when you make purchases? Money coach Andrea explains APRs, grace periods, and how interest can affect your progress when you're carrying a balance.

Want to submit a question for a future episode?

Use the link below to record a question of 90 seconds or less:

Click here to record your message.

Want to work with Andrea?

Click here to learn about 1:1 money coaching.

Expenses that don't happen every month can still be part of your monthly plan. Money coach Andrea explains how to use sinking funds to prepare for them.

In this episode:

• Five questions to ask when setting up a sinking fund
• How much to set aside each month
• How to track your sinking funds
• Sinking funds vs. emergency funds

Click here for the Sinking Fund Brainstorm worksheet

Want to submit a question for a future episode?

Use the link below to record a question of 90 seconds or less:

Click here to record your message.

Want to work with Andrea?

Click here to learn about 1:1 money coaching.