By Katie on Chain of Wealth
The BIG day
Monday, November 27, 2017, was the happiest day of my life.
Why do you ask? I sold my 2015 Honda Crosstour.
Now, this may sound silly to be so happy to get rid of a car, let me give you the back story on my negative equity.
Firstly, let me describe what negative equity is.
Negative equity results when you have an asset that is worth less than the loan value on that asset. Or in more words, when you buy something and it loses value faster than what you repay it.
This can happen in multiple ways, the most common way is when people buy a new car and it loses value really quickly (a car as an investment is a terrible idea).
Another way this can happen is if you co-sign for someone that already has negative equity.
This is what happened to me, but let’s dive into it a bit…Read More