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Credit Card Glossary: Terms and Definitions

Secured debt

A secured debt is one in which a borrower pledges property — most commonly, a home, a car or cash — as collateral. If the borrower defaults on the loan, the lender may sieze the property. In the case of secured credit cards, the collateral is cash. The holder of a secured credit card must put up cash to get the card; the amout of cash is usually the spending limit on the card.

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