Finance

Secured debt: utilizes a form of collateral, like a house or car Unsecured debt: has no collateral, like credit cards or personal loans Fixed interest rate debt: has the same interest rate for the entire timeline of the loan, like a mortgage Variable interest rate debt: the interest rate may change over the life of the loan, like credit cards Fixed payment term: the loan is set to be paid off by a certain date, like a mortgage or student loan Variable repayment period: There is no set date by when the debt must be repaid, like credit cards Deductible: this loan is used to better your personal situation and therefore may have tax benefits, like a mortgage or student loan Non-deductible: a loan that is not used to purchase an appreciating asset or new skill, like credit cards or a personal loan