Secured vs Unsecured Debt

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Secured vs Unsecured Debt

There are two major types of debt – secured and unsecured. Knowing what kind of debt you have is important. Understanding the difference is critical when borrowing money and prioritizing debt repayment. Let’s discuss secured vs unsecured debt!

What is Secured Debt?

Secured debt is secured by an asset, such as a house or car. When you buy a car with a loan, you do not receive the title. The institution from which you borrowed the money, li