Sapinski Law Office, S.C.
Unsecured debts Unsecured debts are not backed by collateral. That is, the creditor is not given a lien on anything you own. If the loan is not paid, the creditor may be free to pursue a judgment against you; however, they will be unable to take or repossess anything you own. Credit cards, medical bills and most payday loans are examples of unsecured debts. Interest rates on unsecured loans are ...