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Credit: Borrowing.

THERE are two types of borrowing - secured and unsecured. Secured loans - apart from a mortgage - should be a last resort as they are tied to your home and if you fall badly into arrears, the lender can go to court to repossess it. Unsecured debts include credit cards, store cards, deferred credit agreements and ordinary personal loans. If you take out a 'homeowner's' consolidation loan to clear these, it will be secured on your home, so you could still end up losing it. If you're sequestered for unsecured debts, you may also have to give up your home
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Title Annotation:Business
Publication:Daily Record (Glasgow, Scotland)
Date:Nov 22, 2005
Words:98
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