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Unsecured Debt

Refinance loan debt consolidation usually deals exclusively with unsecured debts. In short, unsecured debts are debts that have no claim against any asset or physical property you own. Though you are legally obligated to repay unsecured debts, creditors cannot seize your property if you don't pay. The worst they can do is obtain a judgment against you to garnish your wages. Here are some examples of unsecured debts:

• Credit cards
• Medical bills
• Personal loans without collateral
• Student loans
• Debt consolidation loans not secured against a home
• Old phone or utility bills (the service or line has already been disconnected)

Secured Debt

Secured debt is debt that is tied to a physical piece of property, such as a house or a car. These items serve as collateral for the loan, and collateral can be seized if payments are not made as agreed. Secured debt does not lend itself well to refinance loan debt consolidation because creditors are not very willing to be flexible and negotiate when they could just seize property instead. Examples of secured debts are home mortgages, home equity loans, car loans, and personal loans attached to a piece of collateral (home, car, boat, etc.).