Secured debt is debt you obtained by pledging an asset such as your house, car, furniture, or jewelry. Unsecured debt is usually obtained with just your signature. Most credit cards are considered unsecured.

If you do not make payments to the creditor who you have the secured debt with, it is likely they will take back the asset you pledged for that debt through repossession or foreclosure.

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My ex-boyfriend and I share credit card debt, who is responsible for paying it?
What is a debt resolution plan?
What is an action plan?
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