Legal Question in Credit and Debt Law in Florida

Re: What is an unsecured loan

Unsecured means you did not guarantee the debt with some other asset such as your car, boat or house. The credit card company can hire a collection agent or attorney to pursue the debt in court. Good luck.

Re: What is an unsecured loan

An unsecured loan is a typical credit card loan - it is not secured by your house, car, or other property that you own. Thus, the credit card company cannot seek to take the property that would otherwise be securing the loan. In your case, there is no security, so the credit card company will send the matter to a collection company, who will demand your payment and then they may file a lawsuit to get a judgment for the amount outstanding. Only after this long progress could they try to collect against any property owned by you.

Good luck.