If you are in conversation with a debt negotiation company, they will tell you that they only work with unsecured debt. What is unsecured debt? Unsecured debt is money that is loaned and is not secured by any property. Cars and real estate are typically secured debts. They have collateral behind the loan as security. If you stop making the payments on these loans they come and take back the asset or collateral. Credit cards are unsecured. If you quit making your payments, nobody is going to come and take your stuff.
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