Julian Credit Management is a non-profit, nationwide
debt consolidation and credit counseling organization, located in Central Florida.
Our dedicated counselors can help you restructure your bills
and make a payment plan that can cut years and thousands
of dollars off your long-term debts like credit cards, mortgages, and other loans.
Our debt management program can help you repay your debts:
We help you establish a spending plan, determine your financial options,
save money on interest and late fees, get your creditors off your back,
and provide you with useful information.
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There are mainly two kinds of debt: secured and unsecured.
Almost everyone has debt, however most people don't know what kind of debt they have. This is important to know when making financial decisions that can affect your credit history, such as deciding whether to join a debt management program or filing bankruptcy.
Secured debt is considered to be any kind of debt that has collateral. For example, the debt that you have incurred by financing a new vehicle would be a secured debt. If you miss a payment or two they can repossess your vehicle.
You could say it's like being punished if you don't make a payment. Same idea with your house, you miss a few mortgage payments and you can expect a rather harsh letter in the mail from your mortgage companies' attorney.
Unsecured debt is the exact opposite, debt with no collateral. This category includes medical bills, signature loans and the ever-popular credit cards. In this case the difference is simple, if you don't make a payment, there is no possession to repossess.
Now that you know what kind of debt you have, you can make more of an educated decision when trying to manage your money. Not understanding simple comparisons such as this could effect your credit enough to damage many future investment plans.
Julian Credit Management is a firm that practices exclusively in the area of Bankruptcy and Debt Consolidation and has offices in Clearwater (Pinellas County), Port Richey (Pasco County), Tampa (Hillsborough County), Lakeland (Polk County) and Orlando (Orange County). We represent persons throughout the State of Florida.
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