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What Is An Unsecured Debt?

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What Is An Unsecured Debt?

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An Unsecured Debt generally arises out of a contract you enter into with a creditor, which enables you to obtain goods or services on credit in exchange for your promise to pay back that creditor. The most common types of unsecured debt are: credit cards, medical bills and personal loans. If you fall behind on this type of debt, the only recourse the lender has is legal action.

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