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It has been suggested that this article or section be merged with signature loan. () |
Unsecured loans, are monetary loans that are not secured against the borrowers assets.
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Credit card debt
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In 2002, the average American households with only one credit card had $9,000 in debt. [1] Credit card bills are meant to be repaid within a month; when they are not the balance to be paid is considered debt and the consumer is charged interest by the company issuing the card.
Bank overdrafts
When a customer withdraws more money than is in their bank account, the money owed to the bank is called a bank overdraft.
See also
References
- ^ "The truth about credit card debt", MSN Money Central
