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Secured vs. Unsecured Debt

Even when you’re swamped by it, you should know that all debt is not created equal. There are two types of debt, secured and unsecured, and it is a bad idea to get them mixed up.

Secured debt is any debt where you’ve put something up as collateral. Mortgages and car loans are two major examples of car loans. Secured loans generally have lower interest than secured loans, they have only one problem. If you default, they can take your house, or car or whatever the loan was for.
 
Unsecured debt is any debt where there is no collateral. No matter how much trouble you get, they will not be able to take your house or car. On the other hand, they can pump up the interest so high that you might not be able to get out of debt without debt counseling.

Whether your problem is with secured debt or unsecured debt (or more likely a mix of both) DebtConsolidationOhio can help. To find out how, try this free debt reduction evaluation.