secured debt
Secured debt is a loan backed by assets (collateral), such as a home or car which “secures the loan” with an item that the lenders can take ownership of and sell to recoup some of their money if you fail to repay the loan.
Secured debt is a loan backed by assets (collateral), such as a home or car which “secures the loan” with an item that the lenders can take ownership of and sell to recoup some of their money if you fail to repay the loan.