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The Difference Between Secured Debt and Unsecured Debt

Are you among the growing number of Americans who are having trouble keeping up with all their various credit cards and other bills? Though falling in debt may have been easy, getting yourself out of debt requires some initiative. The first step to conquering your debt is to become educated about your bills. That’s why it’s important to know the difference between secured and unsecured debt.

Secured Debt

Loans where lenders can seize your assets as collateral are known as secured debt. Mortgages and car payments are two examples of secured debt since they are tied to specific assets – in this case, a house or a car that you are financing. Because these loans can often take years to repay, lenders have the right to repossess the asset if you fall behind.

Unsecured Debt

With unsecured debt there is nothing being used as collateral. Instead of lenders seizing an asset when you fall behind on your debt, they resort to other measures, such as debt collectors. In extreme circumstances they may even take you to court. Credit card debt is the most common form of unsecured debt, but other examples include student loans and medical bills.

Credit Card Debt

One of the most serious and most common mistakes people make when they are in debt is applying for more loans in an effort to pay off their current ones. Unsecured debt, like credit card debt, can accumulate easily and trying to pay your bills with different credit cards will usually put you deeper in the hole. That is why we offer debt consolidation options to help you tackle your credit card debt once and for all.

What is a Debt Consolidation Program?

Debt consolidation programs are designed specifically to help you pay off your debt faster and at a lower interest rate. With CreditGUARD of America, our certified credit counselors will work with creditors on your behalf to reduce interest rates on your accounts. We’ll help consolidate your debt into one single monthly payment to make it easier for you to stay on top of your debt.

Credit consolidation will put you back on track by helping you stay on top on of your various bills and loans. Our consolidation services help you eliminate debt quickly by working with creditors to help reduce your high interest rates. By fusing your multiple credit card bills into one easy monthly payment, you’ll be able to set a plan to keep you on track with paying off your debt. With our credit card consolidation options, you can shed your debt and work towards a debt-free future.

Help with Managing Your Debt

In addition to our various debt management programs, we also offer educational resources on credit management, debt collection and money management. Contact us online or call 1-800-500-6489 for more information on our non-profit credit counseling and debt counseling agency.

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