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Secured debts are tied to an asset like a car loan. If you stop making payments in this situation, lenders can repossess your car. This also applies with your home loan. On the other hand; unsecured debts are not tied to an asset, including most credit card debt. Because of this risk, most unsecured debts especially with credit card companies are very aggressive with the debt collection. They even offer free credit counseling to educate clients with their debt repayments.

Posted on February 21st, 2009 under Finance. Tags: budgeting, credit card, credit counseling, credit counselor, credit non profit, credit report debt, debt, debt collection, debt collectors, debt management plan, Finance, how to get rid of debt, money, pay credit card off, saving money, the recession. Comments: None