A prime example of a secured debt is a mortgage, where the lender places a lien, or financial interest, on the property until the loan is repaid in full.
When you’ve fallen behind on your payments, it can feel like there’s nowhere to turn.
One potential option to get organized and streamline your bills is debt consolidation.
There are two basic types of personal loans: secured and unsecured.
A secured loan is backed by an asset that the lender can seize if you don’t repay the loan.
I’ll also explain what debt consolidation is, different types of debt consolidation loans, where to get debt consolidation loans, alternatives to debt consolidation, and how to avoid scams.