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You're describing the difference between unsecured and secured loans. The parent explicitly stated that they were talking about unsecured loans (where there's n
by chriswarbo 8y ago
You're describing the difference between unsecured and secured loans. The parent explicitly stated that they were talking about unsecured loans (where there's no tangible thing to repossess).
- mrep 8y agoOh wow, reading more into it, some credit cards are actually unsecured (but some aren't [0]). However, credit card companies can still sue you even if it is an unsecured loan and then repossess some of your stuff depending on the state [1]. [0]: https://www.nerdwallet.com/blog/credit-cards/credit-card-bill-repossessed-purchased-secured-unsecured/ https://www.nerdwallet.com/blog/credit-cards/credit-card-bil... [1]: http://www.natlbankruptcy.com/credit-card-lawsuits/ http://www.natlbankruptcy.com/credit-card-lawsuits/