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Friday, 05 May 2006 01:17

Secured Debt

Written by  Jon
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A secured debt is one which the lender has hard collateral pledge to guarantee the loan in case of default by the borrower. For example, a home mortgage is a secured debt since the home is pledged as collateral for the repayment of the debt. If the payments are not made then the creditor has the authority to repossess the home to recover the debt owed.

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