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Unsecured -VS- Secured Debt

Unsecured debt is debt that is not guaranteed by the pledge of any collateral. For example, most credit cards are unsecured debt. A credit card company cannot seize any of your possessions if you do not pay off the balance. The credit card company typically turns the matter over to a collection agency.

Secured debt is debt that is backed by specific assets or revenues of the borrower. A common example of secured debt is a mortgage loan. If the borrower fails to pay the mortgage, the mortgage lender can seize the home.

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