Debt Glossary - Secured and Unsecured Debt

Secured Debt

A debt where the creditor holds the debtors property or other assets as collateral. If the borrower is unable or unwilling to repay the debt the lender may sell the property to recover the money owed.

Unsecured Debt

A debt is unsecured if it is not guaranteed against the property or assets of the debtor. Examples of unsecured debt include money owed on credit cards and medical bills.

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