Sunday, September 6, 2015
Debt Relief: Know the Difference Between Secured and Unsecured Debts
Paying off huge debts can be a stressful ordeal. Fortunately, Canadians who may be burdened by too much debt can resort to several debt relief options. It is only a matter of choosing the right one for your individual needs. Debts fall in two major categories: secured and unsecured. Knowing the difference between the two can help you find the best debt relief option for you, by giving you a good idea on which ones to prioritize when the credit collectors come knocking.Unsecured DebtsUnsecured debts sound a bit threatening but they are actually the easiest to manage of the two categories. The most common example is credit card debt, while other examples are court-ordered child support, spousal support, student loans, medical bills, and payday loans. These debts do not require any form of collateral, which lenders can have hanging over your head to get you to pay.