Unsecured Debt:Unsecured debts are those that are not secured with collateral. Lenders of unsecured debt can take legal action against you if payments are not made. Types of unsecured debt include credit cards, medical bills, commercial debt, personal loans, and consumer debt. Secured Debt:Secured debts are those that have collateral attached to them, such as mortgages, bank loans, car loans, home equity loans, IRS tax liens, loans for RVs, and credit extended by retailers for large purchases. When you default on such a loan, lenders can and most likely will, repossess your collateral in return for the debt.
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