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What is the difference between secure and unsecured debt?

April 26, 2017difference Secure unsecured debt

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What is the difference between secure and unsecured debt?

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• A: A secured debt is a debt secured against an asset that you own. Typical secured debts will be a mortgage, a secured loan, a car loan, etc. An unsecured debt is any debt not secured on an asset, such as a bank overdraft, a personal loan, a credit card, store card, etc.