At McCarthy Law, our debt attorneys can represent you not only by negotiating reductions to your debt, but by defending you against creditor lawsuits. We have provided some informational answers to help you once you have been served a complaint by a credit card company or any other collectors. McCarthy Law takes pride in always offering a free consultation in-person at one of our nationwide offices to discuss your options, timelines, and strategies to get you true debt relief.
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Types of Debts
Are you stuck in the hamster wheel of debt?
Debt isn’t just that credit card bill with 24% interest you can’t seem to pay off. Real debt makes you feel financially trapped with no way out. Real debt means you’re struggling to pay almost everything, including:
Payday Loan Debt
Let us help you out of the hamster wheel and into the
driver’s seat again.
Debt comes in all shapes and sizes and like it or not, it is a part of everyone’s DNA. Sometimes people refer to them just as monthly bills or monthly expenses, some are just that. However, the typical larger purchases or credit cards are what most people consider their debt. In more general terms, your debt can be classified in to one of two different types- secured or unsecured debt.
What is Secured Debt?
Secured debt is an obligation or debt that requires collateral in order to obtain a loan.
Examples of a secured debt would include your:
1) Home mortgage
2) A home equity line of credit
3) Car loan
4) RV loan
5) Boat loan
6) Title loan
A secured debt lender sees a secure loan as lower risk because there is collateral behind what is being loaned (ie. the house, car or boat). However, if you fail to make timely payments, the lender can repossess or put a lien on the collateral.
What is Unsecured Debt?
Unsecured debt is incurred by receiving a loan or line of credit with no collateral required.
Examples of unsecured debt include:
1) Credit cards
2) Department store cards
3) Telephone bills
4) Payday loans
5) Business credit cards
6) Utility bills
Unsecured loans are usually smaller than secured loans and typically come at a higher APR due to there not being any collateral tied to the loan.
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