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An example of an unsecured debt is a(n)
(1 point)
student loan
auto loan mortgage
mobile home loan

Ask by Park Medina. in the United States
Jan 23,2025

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A student loan is an example of an unsecured debt.

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An example of an unsecured debt is a student loan. Unlike secured debts, like auto or mortgage loans, which are backed by collateral (the car or the house), student loans are typically not backed by any asset. This means if you fail to make payments, your lender can’t directly take any asset to recover their money, but they can still impact your credit and seek collections.
When borrowing, it’s important to consider the interest rates associated with different types of loans. Unsecured debts usually have higher interest rates than secured debts because lenders assume more risk. So, if you’re taking out a student loan, be mindful of how interest can accumulate and plan for repayment to avoid a mountain of debt after graduation!

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