Secured or collateral debt is basically the same type of debt. A lender has the legal right to take back whatever you financed if you default on the lending terms and conditions. If you don't pay the monthly bill on time, the lender can repossess whatever they have...

Once the lender has repossessed the asset the loan was against, many borrowers think that is the end of their relationship. That is not the case. The lender will sell the asset they repossessed and apply the sale proceeds, after deducting all costs of sale, against...

As you have probably gathered, all other types of debt are unsecured. The Bankruptcy & Insolvency Act complicates unsecured debt as it has allocated certain priorities to certain unsecured debt - employees when a company goes bankrupt. The Act stipulates that...

Good budget practices often lead to happy home lives. Especially at this time of year, set a budget and live within it!