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First things first. Let’s clear up the confusion between these two phrases. (They’re too important to leave to our Debtionary!)
The secured and unsecured thing sounds like it’s safety, doesn’t it? And in many ways that’s true. With a secured debt, it’s safer for a company to lend you money with the security of your home / car / another guarantor. If you can’t settle your debt, then the creditor could reclaim their money by repossessing your house or car.
With an unsecured debt, like a credit card, there’s no asset or guarantor, so it’s more risky for your creditors to lend you money. If you can’t pay it back, the creditor can’t repossess anything, but it will still damage your credit score and could lead
to other problems.
There’s always a better way to do things and at BacktoBlack we can help you find it!
Get BacktoBlack. Talk to us today
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Click below and we’ll tell you a little bit
more about us. Our story is based around
our experience with problem debt.
Find out why we enjoy what we do here at
BacktoBlack, what makes us tick, and how we
can help you change your life for the better!
Don’t worry, we know how you feel.
All these fancy debt words are hard to keep
track of. So to make things easier for you, we’ve
put together a BacktoBlack Debtionary to help
explain the jargon! That way you’ll be up to speed
in no time at all, and ready for that pub quiz.