glossary

unsecured creditor

An unsecured creditor is a person or business you owe money to that does not have collateral. This means that if you don’t pay your debt, this creditor cannot automatically take any of your assets to pay for what you owe. Most credit card companies are unsecured creditors. But an unsecured creditor may be able to take your assets eventually, if they get a court judgment against you.

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