Would you feel comfortable getting onto an airplane if there was a single point of failure that could take the plane out of the sky at any moment? Airplanes have backups to help prevent this; shouldn't your financial narrative have backups too?
What is Unsecured Debt? Unsecured debt refers to loans that are not backed by collateral. If the borrower defaults on the loan, the lender may not be able to recover their investment because the borrower is not required to pledge any specific assets as security for the loan.
What Is Secured Debt? Secured debt is debt-backed or secured by a collateral to reduce the risk associated with lending
A debt arrangement gives the borrowing party permission to borrow money under the condition that it is to be paid back later, usually with interest.
What is Credit? Credit is essentially a social relation between a creditor (lender) and a borrower (debtor).
Inflation is the decline of purchasing power of a given currency over time.
