Question

@ganeshie8 @Gerardo_cast23 @KenLJW

Which of the following is an example of secured debt?

A. Lawyer fees
B. Car loan
C. Credit card
D. Utility bill

Answer 1

which debt you can't get away without paying in time ?

Answer 2

a

Answer 3

lawyer fees, if u dont pay in time, its okay
credit card if u take and use it too much and, dont pay the bill in time, its okay too

Answer 4

utility bill comes after uve used it, so u can get away not paying it too

Answer 5

I figured it had to do with collateral. Whether you had something to "secure" the loan. Something that could be taken back and sold to pay off the debt.

Answer 6

but Car loan, if u dont pay, bank folks will take ur car away from u - so bank has Car itself as security, when they give u car loan

Answer 7

in other words, you dont own the Car (technically) until u payoff all the loan amount.

Answer 8

oo yea

Answer 9

So, from bank's perspective, any automobile loans are somewhat SECURE

Answer 10

Which is also why you have to have collision insurance on the car if you take out a loan on it. :)

Answer 11

^^

Answer 12

But if you are like me, you don't take out a loan ... just buy an old car and drive it until it falls apart. ;)

Answer 13

Have a good evening you guys! :)

Answer 14

you too :) yup first time buying old car is better... so u can drive like crazy :)