What is secured debt?

Secured debt is credit you have received to purchase something for which you have agreed to use your property as collateral to guarantee repayment of the loan. Auto loans and mortgages are examples of secured loans. Also, if you obtain a loan and use a car title or house deed to use as collateral, this becomes a secured debt also. If you do not full payments on secured debt the collateral can be repossessed. AA Canada Credit Advisors makes sure these types of debts get regular payments to ensure no repossessions occur.