Debts can be secured or unsecured. In case of secured debt there is a security that is underlying the loan. This security could be in the form of a piece of your belongings or your home or any other asset that you possess. In case you fail to pay up the security that you have pledged can be put to the gong by the creditors. However Credit cards fall in the category of unsecured debt.

This entry was posted on at 8:24 pm and is filed under General. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.