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What is the difference between secured and non-secured debts?

April 26, 2017debts non-secured secured

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What is the difference between secured and non-secured debts?

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A secured debt is one in which the creditor has an interest in real or personal property. When a creditor has an interest in the property and the debtor stops making payment, the creditor can then repossess the property or, in the case or homes, foreclose on the property. The two most common types of secured debts are car loans and home mortgages.