secured debt

Definition of "secured debt"
  1. A debt backed by collateral, which the creditor has the right to claim if the debtor fails to make payments
How to use "secured debt" in a sentence
  1. If Joe fails to make his payments, the bank can claim the car he bought as repayment for the secured debt.
  2. A home mortgage is a type of secured debt, with the house acting as collateral.
  3. Since he couldn't pay his secured debt, the bank seized his property.

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