unsecured debts
Loans without collateral
Unsecured debts are debts not backed by collateral—the lender has no claim on specific property if you fail to pay.
Credit card balances, medical bills, and personal loans are typically unsecured: She had thirty thousand in unsecured debt.
If you default, the creditor can sue or send collectors, but can't automatically seize your house or car.
Contrast with secured debts like mortgages or car loans, where the property itself guarantees repayment.
- obligationsRequired responsibilities
- borrowersThose receiving loans
- loanBorrowed money repaid later
- creditorsThose owed payment
- IOUWritten debt acknowledgment
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- debt lawcreditor, creditors, payment defaults, claims, collection
- estate costsestate tax, estate taxes, attorney fees, legal fees, court fees
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Borrowing backed by assets
mortgages · liens · auto loans · home equity loans · secured credit
unsecured debtsassets
Owned items of value
equity · net worth · liquid assets · savings · investments
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