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What Is A Secured Debt?

A debt is secured if the debtor offers the creditor an interest in property to guarantee payment of the debt. A typical secured debt is an automobile loan, or a mortgage on a home. If the debtor does not make payments on a secured debt, the creditor will take back ("repossess") the property used to guarantee the loan, or foreclose on the home. For example, when you take out a car loan, you pledge the car as security on the loan. If you do not repay the loan, the creditor will repossess the car.

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