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Unsecured Debt, what is it?

Unsecured debt is owed by one or more individual(s) to another entity, and is not tied to physical property.
Examples:

  • Credit Card
  • Personal Loan
  • Virtual Credits - Paypal, ebay, etc.

Secured Debt, what is it?

Secured debt is owed by one or more individual(s) to another entity, and is directly tied to physical property.
Examples:

  • Mortgage
  • Auto Loan
  • Some Furniture Store Charge Accounts

Frequently Asked Questions