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Secured Debt

It’s the kind of debt you get when you take out a loan and back it with collateral, like your house, to reduce the risk associated with lending. For example, you could use your house as collateral to take out a mortgage. But if you don’t pay, the bank takes your house, instead. They will then sell it and use the proceeds to pay back the debt. The “security” for their debt will always win over your security. Ouch. (See also: Unsecured Debt)

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