What is a reaffirmation agreement?
If you’re going through bankruptcy, you may want to reaffirm some of your debts.

Secured lending is a financial term it pays to know. Bankrate explains it.
Securing lending is when the borrower is required to give the lender collateral as a form of insurance against defaulting on the loan. If the borrower defaults on the loan, the lender can seize the collateral to recoup its loss.
Some loans are automatically secured because of the nature of the loans. With a home mortgage or a car loan, for example, the lender can seize the mortgaged home or the financed vehicle to recoup the money owed.
A secured loan reduces risk because the lender knows it can use the collateral to protect against financial loss. Lenders will not extend unsecured credit to the unproven or risky borrower, but they might offer secured credit because it gives them a way to protect their investment.
A secured loan also offers benefits to borrowers, especially those who can’t obtain an unsecured loan.
To get a secured loan, a borrower usually needs significant collateral to back it. Because lenders count on it as insurance, the collateral often has to be worth more than the loan amount.
Mick took out a mortgage, a loan that was secured by the house he bought. After six months, he quit making his mortgage payments. The lender ended up foreclosing on the home and selling it to get back the money Mick failed to pay.
Find out how a secured credit card can help you build a solid credit history and improve your credit score.