Secured vs. Unsecured Credit Cards: What’s the Difference?
Most credit cards you see on the market today are unsecured cards. If you were unable to pay off your unsecured card, then the lender would have no recourse other than persistent collection efforts. This might include reporting your outstanding balance to the three major credit bureaus, suing you, finding a legal way to garnish your wages, or passing your outstanding debt along to a third-party collection agency.
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