Unsecured debt
Debt not backed by specific security over an asset, such as many credit cards, trade debts and personal loans.
Related terms
-
Unsecured creditor
A creditor without specific security over the debtor’s assets, normally ranking behind secured and preferential claims in insolvency.
-
Unsecured loan
A loan made without specific security over an asset, relying primarily on the borrower’s promise and creditworthiness.
-
Liabilities
Amounts a person or business owes or may be required to pay, including loans, taxes, trade debts, guarantees and other obligations.
What’s your next step?
Get in touch with us at Bell & Company today to see how we can help