The fact that these types of loans are unsecured doesn’t mean that the creditor can’t go after your property to collect.
It just makes it more difficult, since they generally have to go to court first.3. State laws often govern repossessions, lawsuits by creditors, bounced checks, bankruptcy, and creditors’ remedies.
Many loans are unsecured; there is no collateral backing up the loan.
Credit cards, medical bills, personal lines of credit, and student loans are examples of unsecured debts.
Debt consolidation program: Here you consolidate credit cards, personal loans, payday loans, medical bills, unsecured lines of credit and collection accounts into an easy and affordable payment plan by enrolling into a program offered by debt consolidation companies. Debt consolidation is a process by which several unsecured debts with high interest rates are consolidated into a single and affordable monthly payment for the debtor. Debt consolidation can be of assistance to the debtor when his debt [...]...